Nevada Revised Statutes 338.520 – Payment of outstanding balance upon occupancy, use or recording of notice of completion
Except with respect to any payment withheld pursuant to NRS 338.525, if:
Terms Used In Nevada Revised Statutes 338.520
- Contractor: means :
(a) A person who is licensed pursuant to the provisions of chapter 624 of NRS. See Nevada Revised Statutes 338.010
- person: means a natural person, any form of business or social organization and any other nongovernmental legal entity including, but not limited to, a corporation, partnership, association, trust or unincorporated organization. See Nevada Revised Statutes 0.039
- 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
- Public work: means any project for the new construction, repair or reconstruction of a project financed in whole or in part from public money for:
(a) Public buildings;
(b) Jails and prisons;
(c) Public roads;
(d) Public highways;
(e) Public streets and alleys;
(f) Public utilities;
(g) Publicly owned water mains and sewers;
(h) Public parks and playgrounds;
(i) Public convention facilities which are financed at least in part with public money; and
(j) All other publicly owned works and property. See Nevada Revised Statutes 338.010
1. A public body or a person acting with the authority of the public body occupies or begins use of a public work or a portion of a public work;
2. A notice of completion for a public work or a portion of a public work is recorded as provided in NRS 108.228; or
3. A public body partially occupies one or more buildings of a public work, the public body shall pay or cause to be paid to the contractor any outstanding payment due, including, without limitation, retainage, and any interest accrued thereon within 30 days after whichever event described in subsection 1, 2 or 3 occurs first. The amount paid must be in the proportion that the value of the portion of the public work which is used or occupied bears to the total value of the public work.