Limits the amount of payment a State agency can withhold from contractors on State construction projects to two percent of the amount due.

New Jersey Assembly Bill A1547 restricts State agencies from withholding more than two percent of the amount due on each partial payment to contractors on State construction projects. This limitation does not apply if a contractor has had a contract terminated for cause in the past five years. The bill also provides additional rights and remedies for prime contractors, subcontractors, and subsubcontractors, including the ability to suspend performance without penalty if payments are not made as required.

Limits the amount of payment a State agency can withhold from contractors on State construction projects to two percent of the amount due.

New Jersey Assembly Bill A1547 restricts State agencies from withholding more than two percent of the amount due on each partial payment to contractors on State construction projects. This limitation does not apply if a contractor has had a contract terminated for cause in the past five years. The bill also provides additional rights and remedies for prime contractors, subcontractors, and subsubcontractors, including the ability to suspend performance without penalty if payments are not made as required.