338.490 - Limitations on requiring release or waiver of right to receive progress payment or retainage payment. - Nevada Statutes

338.490  Limitations on requiring release or waiver of right to receive progress payment or retainage payment.  Any release or waiver required to be provided by a contractor, subcontractor or supplier to receive a progress payment or retainage payment must be:

      1.  Conditional for the purpose of receiving payment and shall be deemed to become unconditional upon the receipt of the money due to the contractor, subcontractor or supplier; and

      2.  Limited to claims related to the invoiced amount of the labor, materials, equipment or supplies that are the subject of the progress bill or retainage bill.

      (Added to NRS by 1999, 1989)