N.J. Admin. Code § 16:44-10.7

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

Section 16:44-10.7 - Called or matured bonds

(a) The bank acting as escrow agent shall process called or matured bonds for collection and notify the contractor and the Department of such action.

(b) Proceeds of called or matured bonds whose value was used in the computation of the amount of retainage released to the contractor may be released by the bank upon delivery by the contractor of acceptable bonds with current value equal to or greater than the amount of the proceeds of the called or matured bonds.

(c) The contractor may substitute acceptable new bonds for those bonds in the escrow account that were called or matured.

N.J. Admin. Code § 16:44-10.7

Amended by R.1987 d.218, effective 5/18/1987.
See: 19 N.J.R. 181(b), 19 N.J.R. 883(a).
Old text in (b) repealed and new text substituted; (d) deleted.
Recodified from 16:44-7.8 by R.1994 d.198, effective 4/18/1994.
See: 25 N.J.R. 4727(a), 26 N.J.R. 1690(b).
Amended by R.2004 d.342, effective 9/7/2004.
See: 36 N.J.R. 1659(a), 36 N.J.R. 4155(b).
In (a), deleted "of Transportation" following "Department"; in (c), deleted "elect, at his discretion, to" following "The contractor may".
Recodified from N.J.A.C. 16:44-7.7 by R.2010 d.122, effective 6/21/2010.
See: 41 N.J.R. 3387(a), 42 N.J.R. 1239(a).