New Jersey Statutes 40A:11-16.2. Partial payments; deposit bonds
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Terms Used In New Jersey Statutes 40A:11-16.2
- 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
1. Any contract, the total price of which exceeds $100,000.00, entered into by a contracting unit 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 contracting unit pursuant to P.L.1979, c.152 (C. 40A:11-16.1).
L.1979,c.464,s.1; amended 1999, c.440, s.25.