Partial payments may be made on any contract for highway improvement under the provisions of this act, as the work progresses. Progress estimates shall be based on materials in place and labor expended thereon, but no more than ninety-five percent of the contract price of the work shall be paid in advance of the full completion of such contract and its acceptance by the state highway engineer. The state and county shall each pay its proportionate share of such partial payments on the certification of the amount thereof by the state highway engineer.
§ 67-3-48 NMSA 1978
Partial payments on road contracts; progress estimates; limitation; division of amounts
Known as the Public Mass Transportation Act
The act spans §§ 67–67 (95 sections).
Laws 1917, ch. 38, § 11; C.S. 1929, § 64-312; 1941 Comp., § 58-237; 1953 Comp., § 55-2-37; Laws 1975, ch. 266, § 1.
Official source: NMOneSource (New Mexico Compilation Commission). Reproduced from public-domain New Mexico statutes; confirm against the official source for the current text. Not legal advice.