40A:11-16.4 - Partial payments for materials - New Jersey Statutes

40A:11-16.4  Partial payments for materials.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.