{"data":{"id":"us-nj/n.j.-stat.-18a-18a-40.3","jurisdiction":"us-nj","citation":"N.J. Stat. § 18A:18A-40.3","heading":"Withholding of partial payments.","body":"3.\tWith 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.\nL.1987,c.343,s.3; amended 1993, c.18; 1999, c.440, s.76.","path":["TITLE 18A EDUCATION"],"source_url":"https://pub.njleg.state.nj.us/statutes/STATUTES-TEXT.zip","current_through":"P.L.2025, c.405, and J.R.22","vintage":"","retrieved_at":"2026-08-27T17:54:13Z","sha256":"998b4427ffe0f1c6c708fa29b5a62166d0bc624e8e041fc4799c9b2393c5609e","source_id":"us-nj","stale":true,"prev":"us-nj/n.j.-stat.-18a-18a-40.2","next":"us-nj/n.j.-stat.-18a-18a-41"},"notice":"GroundRules: Original legal text. Not legal advice."}