N.J. Admin. Code § 16:44-10.2

Current through Register Vol. 56, No. 12, June 17, 2024

Section 16:44-10.2 - Percent withheld pending completion of contract

(a) Two percent of the amount due on partial payments of the total adjusted contract price will be deducted and retained by the Department pending substantial completion. Upon substantial completion of the contract, as defined at N.J.A.C. 16:45, one percent will be withheld.

(b) At any time during the performance of the work, if work is not progressing as defined by the current edition of the Department's Standard Specifications for Road and Bridge Construction, the Commissioner has discretion to increase the withholding to four percent of the payment due.

Amended by R.1990 d.500, effective 10/15/1990.
See: 22 N.J.R. 2247(a), 22 N.J.R. 3238(a).
Amount withheld changed from ten percent to five percent.
Recodified from 16:44-7.3 by R.1994 d.198, effective 4/18/1994.
See: 25 N.J.R. 4727(a), 26 N.J.R. 1690(b).
Recodified from N.J.A.C. 16:44-7.2 and amended by R.2010 d.122, effective 6/21/2010.
See: 41 N.J.R. 3387(a), 42 N.J.R. 1239(a).
Section was "Per centum withheld pending completion of contract". Inserted designation (a); rewrote (a); and added (b).