Nevada Revised Statutes 338.550 – Time for making payments; amounts paid
Except as otherwise provided in NRS 338.555, 338.560 and 338.565:
Terms Used In Nevada Revised Statutes 338.550
- Contractor: means :
(a) A person who is licensed pursuant to the provisions of chapter 624 of NRS. See Nevada Revised Statutes 338.010
- Public body: means the State, county, city, town, school district or any public agency of this State or its political subdivisions sponsoring or financing a public work. See Nevada Revised Statutes 338.010
- Subcontractor: means a person who:
(a) Is licensed pursuant to the provisions of chapter 624 of NRS or performs such work that the person is not required to be licensed pursuant to chapter 624 of NRS; and
(b) Contracts with a contractor, another subcontractor or a supplier to provide labor, materials or services for a construction project. See Nevada Revised Statutes 338.010
- Supplier: means a person who provides materials, equipment or supplies for a construction project. See Nevada Revised Statutes 338.010
1. Each contractor shall disburse money paid to the contractor pursuant to this chapter, including any interest which the contractor receives, to his or her subcontractors and suppliers within 10 days after the contractor receives the money, in direct proportion to the subcontractors’ and suppliers’ basis in the progress bill or retainage bill and any accrued interest thereon.
2. A contractor shall make payments to his or her subcontractor or supplier in an amount equal to that subcontractor’s or supplier’s basis in the payments paid by the public body to the contractor for the supplies, material and equipment identified in the contract between the contractor and the public body, or between the subcontractor or supplier and the contractor, within 10 days after the contractor has received a progress payment or retainage payment from the public body for those supplies, materials and equipment.