338.550 - Time for making payments; amounts paid.
338.550 Time for making payments; amounts paid. Except as otherwise provided in NRS 338.555, 338.560 and 338.565:
1. Each contractor shall disburse money paid to the contractor pursuant to this chapter, including any interest which the contractor receives, to his or her subcontractors and suppliers within 10 days after the contractor receives the money, in direct proportion to the subcontractors’ and suppliers’ basis in the progress bill or retainage bill and any accrued interest thereon.
2. A contractor shall make payments to his or her subcontractor or supplier in an amount equal to that subcontractor’s or supplier’s basis in the payments paid by the public body to the contractor for the supplies, material and equipment identified in the contract between the contractor and the public body, or between the subcontractor or supplier and the contractor, within 10 days after the contractor has received a progress payment or retainage payment from the public body for those supplies, materials and equipment.
(Added to NRS by 1987, 559; A 1999, 1993)