N.J.S.A. 40A:11-16.2 — Partial payments; deposit bonds.

40A:11-16.2 Partial payments; deposit bonds. 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.

This is the verbatim text of N.J.S.A. 40A:11-16.2, retrieved from the New Jersey Legislature's public statute corpus. Statutes are amended periodically — for the most current version, check the external source link above. Kyzer is not a law firm and this page is not legal advice.