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New Jersey Statutes, Title: 18A, EDUCATION
Chapter 18A:
Section: 18A:18A-40.3: Withholding of partial payments.
3. With respect to any contract entered into by a board of education pursuant to section 1 of P.L.1987, c.343 (C.18A:18A-40.1) for which the contractor shall agree to the withholding of payments pursuant to section 2 of P.L.1987, c.343 (C.18A:18A-40.2), 5\% of the amount due on each partial payment shall be withheld by the board of education pending completion of the contract if the contractor does not have a performance bond. If the contractor does have a performance bond, 2\% of the amount due on each partial payment shall be withheld by the board of education when the outstanding balance of the contract exceeds $500,000, and 5\% of the amount due on each partial payment shall be withheld by the board of education when the outstanding balance of the contract is $500,000 or less.
L.1987,c.343,s.3; amended 1993, c.18; 1999, c.440, s.76.
This section added to the Rutgers Database: 2013-06-10 16:36:30.
Older versions of 18A:18A-40.3 (if available):
Court decisions that cite this statute: CLICK HERE.