New Jersey § 18a:18a-40
Full text of New Jersey New Jersey Statutes § 18a:18a-40, with citation guidance and answers to common questions.
§ 18a:18a-40.
With respect to any contract entered into by a board of education pursuant to section 1 of P.L.1987, c. 343 ( C.18A:18A-40.1 ) for which the contractor shall agree to the withholding of payments pursuant to
section 2 of P.L.1987, c. 343 ( C.18A:18A-40.2 ), 5% of the amount due on each partial payment shall be withheld by the board of
education pending completion of the contract if the contractor does not have a performance bond. If the contractor does have a performance bond, 2% of the amount due on each partial
payment shall be withheld by the board of education when the outstanding balance of
the contract exceeds $500,000, and 5% of the amount due on each partial payment shall
be withheld by the board of education when the outstanding balance of the contract
is $500,000 or less.
Frequently Asked Questions About New Jersey § 18a:18a-40
What does New Jersey Statutes § 18a:18a-40 cover?
Section 18a:18a-40 is part of the New Jersey Statutes, the codified statutory law of New Jersey. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite New Jersey § 18a:18a-40?
A common citation format is "New Jersey Statutes § 18a:18a-40" (New Jersey). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of New Jersey law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the New Jersey official source linked on this page or consult a licensed New Jersey attorney.
How does New Jersey § 18a:18a-40 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in New Jersey can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in New Jersey.