New Jersey Statutes 40A:11-16.4. Partial payments for materials
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Terms Used In New Jersey Statutes 40A:11-16.4
- 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
- person: includes corporations, companies, associations, societies, firms, partnerships and joint stock companies as well as individuals, unless restricted by the context to an individual as distinguished from a corporate entity or specifically restricted to one or some of the above enumerated synonyms and, when used to designate the owner of property which may be the subject of an offense, includes this State, the United States, any other State of the United States as defined infra and any foreign country or government lawfully owning or possessing property within this State. See New Jersey Statutes 1:1-2
3. Any contract entered into by a contracting unit pursuant to section 1 of P.L.1979, c.464 (C. 40A:11-16.2) may also provide for partial payments at least once in each month with respect to all materials placed along or upon the site, or stored at secured locations, which are suitable for use in the execution of the contract, if the person providing the materials furnishes releases of liens for the materials at the time each estimate of work is submitted for payment. The total of all the partial payments shall not exceed the cost of the materials.
L.1979,c.464,s.3; amended 1999, c.440, s.27.