New Jersey Revised Statutes § 27:14-14 - Time Of Payments; Contractor's Bond On Completion Of Work; Term

27:14-14. Time of payments; contractor's bond on completion of work; term
The time and manner of payment for work done under a contract awarded under this article shall be set forth in the contract. When a contractor has completed his contract no percentage of the contract price shall be retained but the contractor shall enter into a bond to the board of chosen freeholders in a sum amounting to five per cent of the contract price, with any surety company authorized to do business in this state and which has the approval of the attorney general, as surety. The bond shall remain in force for one year and shall provide that the contractor can be held responsible for poor workmanship done or poor materials furnished under such contract, but he shall not be responsible for acts or causes beyond his control.

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Last modified: October 11, 2016