Nevada Revised Statutes 324.170 – Further conditions of contracts; exceptions to forfeitures
1. All contracts shall state:
Terms Used In Nevada Revised Statutes 324.170
- Contract: A legal written agreement that becomes binding when signed.
(a) That the works covered by the contract shall begin within 6 months from the date of the contract;
(b) That the construction shall be prosecuted diligently and continuously to completion; and
(c) That the cessation of work under the contract for a period of 6 months shall forfeit to the State all rights under the contract and the penal sum named in the bond.
2. No property or right which was vested in the applicant or contractor at the date of the contract shall be forfeited.
3. In cases of contractors who, at the date of the application, own or have vested rights in water, and in a reservoir site, canals or other irrigation works, the forfeitures shall extend only to such portions of the system unconstructed at the time of default and to the penalty of the bond given by such contractor.