New Jersey Administrative Code
Title 16 - TRANSPORTATION
Chapter 44 - CONSTRUCTION SERVICES
Subchapter 10 - RETAINAGE AND PARTIAL PAYMENTS TO CONTRACTORS
Section 16:44-10.7 - Called or matured bonds
Universal Citation: NJ Admin Code 16:44-10.7
Current through Register Vol. 56, No. 18, September 16, 2024
(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.
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