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  • NJ A2521
  • Concerns prompt payment of construction contracts.
Introduced
(2/4/2016)
In Committee
(2/4/2016)
Crossed OverPassedSignedDead/Failed/Vetoed
2016-2017 Regular Session
This bill requires, with regard to a contract for the improvement of real property, that all money paid by an owner to a prime contractor, by a prime contractor to a subcontractor, or by a subcontractor to a subsubcontractor, constitutes a trust fund in the hands of the recipient. The recipient of money held in trust pursuant to this bill must distribute amounts as may be due subcontractors and material suppliers in accordance with the contract, and may not be appropriated for any other purpose. The bill provides that nothing contained therein is to be construed as requiring the payment of any amount that is being contested consistent with the provisions of section 2 of P.L.1991, c.133 (C.2A:30A-2), including, but not limited to, any amount that is being contested through an alternative dispute resolution proceeding. Finally, the bill prohibits any contract for the improvement of real property to include a provision allowing any party to the contract to deviate from the imposition of a trust fund as required by the bill.
Labor
Introduced, Referred to Assembly Labor Committee  (on 2/4/2016)
 
 
Date Chamber Action Description
2/4/2016 A Introduced, Referred to Assembly Labor Committee
Date Motion Yea Nay Other
None specified