Credit: staras/Adobe Stock; New Jersey's Prompt Payment Act: Construction Contract Considerations for Developers and Owners
"Where the owner fails to remit timely payment of an approved invoice, after giving seven calendar days' notice, the unpaid party may suspend performance of the construction contract until the payment is made," writes Robert C. Epstein of Greenberg Traurig.
April 23, 2024 at 11:15 AM
7 minute read
Construction
New Jersey's Prompt Payment Act, N.J.S.A. 2A:30A-1 and 2 (Act), gives important rights to contractors and other parties who provide services or materials to construction projects in their quest for prompt payment. The Act also places heavy burdens on project developers and owners, requiring them to take certain actions by strict deadlines at the risk of waiving their right to dispute amounts claimed to be owed for construction work. This article discusses actions developers and owners should consider to protect their interests under the Act.
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