Chapter 57, Article 28 NMSA 1978 may be cited as the “Prompt Payment Act”. History: Laws 2001, ch. 68, § 1; 2007, ch. 213, § 1. ANNOTATIONS The 2007 amendment, effective June 15, 2007, changed the title of the act from the “Retainage Act” to the “Prompt Payment Act” and the statutory reference to the […]
History: Laws 2001, ch. 68, § 10; repealed by Laws 2007, ch. 213, § 6. ANNOTATIONS Repeals. — Laws 2007, ch. 213, § 6 repealed 57-28-10 NMSA 1978, as enacted by Laws 2001, ch. 68, § 10, relating to failure to deposit or release retainage, effective June 15, 2007. For provisions of former section, see […]
In an action to enforce the provisions of the Prompt Payment Act, the court may award court costs and reasonable attorney fees. History: Laws 2001, ch. 68, § 11; 2007, ch. 213, § 5. ANNOTATIONS The 2007 amendment, effective June 15, 2007, changed the title of the act.
As used in the Prompt Payment Act: A. “construction” means building, altering, repairing, installing or demolishing in the ordinary course of business any: (1) road, highway, bridge, parking area or related project; (2) building, stadium or other structure; (3) airport, subway or similar facility; (4) park, trail, athletic field, golf course or similar facility; (5) […]
The provisions of the Prompt Payment Act do not apply to construction contracts for residential property containing four or fewer dwelling units. History: Laws 2001, ch. 68, § 3; 2007, ch. 213, § 3. ANNOTATIONS The 2007 amendment, effective June 15, 2007, changed the title of the act.
History: Laws 2001, ch. 68, § 4; repealed by Laws 2007, ch. 213, § 6. ANNOTATIONS Repeals. — Laws 2007, ch. 213, § 6 repealed 57-28-4 NMSA 1978, as enacted by Laws 2001, ch. 68, § 4, relating to retainage in absence of escrow agreement, effective June 15, 2007. For provisions of former section, see […]
A. Except as provided in Subsection B of this section, all construction contracts shall provide that payment for amounts due shall be paid within twenty-one days after the owner receives an undisputed request for payment. Payment by the owner to the contractor may be made by first-class mailing, electronic funds transfer or by hand delivery […]
History: Laws 2001, ch. 68, § 6; repealed by Laws 2007, ch. 213, § 6. ANNOTATIONS Repeals. — Laws 2007, ch. 213, § 6 repealed 57-28-6 NMSA 1978, as enacted by Laws 2001, ch. 68, § 6, relating to escrow accounts, effective June 15, 2007. For provisions of former section, see the 2006 NMSA 1978 […]
All material and work covered by partial payments become the property of the owner, but the contractor and subcontractor are not relieved from the sole responsibility for the care and protection of materials and work for which payments have been made; provided, however, the contractor and subcontractor have no duty for the care and protection […]
Ten days after certification of completion, any amounts remaining due the contractor or subcontractor under the terms of the contract shall be paid upon the presentation of the following: A. a properly executed release and duly certified voucher for payment; B. a release, if required, of all claims and claims of lien against the owner […]
History: Laws 2001, ch. 68, § 9; repealed by Laws 2007, ch. 213, § 6. ANNOTATIONS Repeals. — Laws 2007, ch. 213, § 6 repealed 57-28-9 NMSA 1978, as enacted by Laws 2001, ch. 68, § 9, relating to disputes, effective June 15, 2007. For provisions of former section, see the 2006 NMSA 1978 on […]
