New Jersey Statutes 18A:64-76.3. Provision for partial payments
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Terms Used In New Jersey Statutes 18A:64-76.3
- Contract: A legal written agreement that becomes binding when signed.
- month: means a calendar month, and the word "year" means a calendar year. See New Jersey Statutes 1:1-2
- State: extends to and includes any State, territory or possession of the United States, the District of Columbia and the Canal Zone. See New Jersey Statutes 1:1-2
2. Any contract, the total price of which exceeds $100,000, entered into by a State college involving the construction, reconstruction, alteration, repair or maintenance of any building, structure, facility or other improvement to real property, shall provide for partial payments to be made at least once each month as the work progresses, unless the contractor shall agree to deposit bonds with the State college pursuant to section 1 of P.L.2013, c.147 (C. 18A:64-76.2).
L.2013, c.147, s.2.