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New Mexico Retainage Act.(construction project fund handling)
Starting June 15, 2001, almost all commercial construction projects within New Mexico became subject to the recently enacted retainage act. The retainage act sets out specific requirements for the handling of funds retained by the project owner or contractor during the course of a construction project. The retainage act additionally sets mandatory deadlines for payment of progress payment funds applicable to the owner, contractor and all tiers of subcontractors and suppliers.
Scope
The act, which became effective June 15, 2001, contains a broad definition of construction services and is applicable, to both public and private construction projects. The ...
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Source: HighBeam Research, New Mexico Retainage Act.(construction project fund handling)