New Jersey S1489 increases the withholding amount for certain contracts from 2% to 10%.
New Jersey S1489 amends the law to increase the amount of partial payment withheld by contracting units from two percent to 10 percent for specific contracts. This change applies to contracts exceeding $100,000 involving construction, reconstruction, alteration, repair, or maintenance of real property. The bill also mandates that if maintenance security is required, it must be obtained in the form of a maintenance bond, not exceeding two years and 100 percent of the project costs.
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