New Mexico Construction Contracts

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Commonly Asked Questions about New Mexico Construction Contracts

Is retainage allowed in New Mexico?

Does New Mexico limit the amount of retainage that can be withheld from a contractor? Retainage generally not allowed. However, scheduling payments such that there is a line item for a closeout payment after work is substantially performed may be allowed. This is usually 5% or 10% of contract value. New Mexico Retainage Guide and FAQs - Levelset Levelset Retainage Levelset Retainage

What are the four types of construction contracts?

Here are four main construction contracts to choose from, plus their pros and cons: Lump-Sum Contracts. Cost-Plus-Fee Contracts. Guaranteed Maximum Price Contracts. Unit-Price Contracts. 4 Types of Construction Contracts - CDO Group, Inc. CDO Group 4-types-of-construction-contracts CDO Group 4-types-of-construction-contracts

Is retainage legal in New Mexico?

Retainage not generally allowed, but to receive scheduling payments, a contractor or subcontractor must submit a undisputed request for payment. Summary of New Mexico Retainage requirements and laws for New Mexico construction projects including free forms, FAQs, resources and more. New Mexico Retainage Guide and FAQs - Levelset Levelset Retainage Levelset Retainage

Do contractors have to be licensed in New Mexico?

Contracting without a license in New Mexico is against the law. If a contractor is working without a license, the Division may stop the construction project and file a criminal charge of unlicensed contracting in Metropolitan or Magistrate Court. New Mexico CID Bureaus - Your Resource for Licensing and New Mexico Regulation and Licensing Department find-a-bureau bureaus New Mexico Regulation and Licensing Department find-a-bureau bureaus

What is the statute 57 28 5 in New Mexico?

When making payments, an owner, contractor or subcontractor shall not retain, withhold, hold back or in any other manner not pay amounts owed for work performed. History: Laws 2001, ch. New Mexico Statutes Section 57-28-5 (2023) - Payments Justia Law codes chapter-57 article-28 Justia Law codes chapter-57 article-28

What is the prompt payment law in New Mexico?

Trade Practices and Regulations 57-28-5. Payments; prompt pay required; withholding prohibited. A. Except as provided in Subsection B of this section, all construction contracts shall provide that payment for amounts due shall be paid within twenty-one days after the owner receives an undisputed request for payment. New Mexico Statutes Chapter 57. Trade Practices and Regulations Codes - FindLaw nm-st-sect-57-28-5 Codes - FindLaw nm-st-sect-57-28-5

What is the statute of limitations on a contract in New Mexico?

(1) An action for bdocHub of any contract for sale must be commenced within four years after the cause of action has accrued. By the original agreement the parties may reduce the period of limitation to not less than one year but may not extend it. New Mexico Statutes Section 55-2-725 (2023 - Justia Law Justia Law chapter-55 article-2 part-7 s Justia Law chapter-55 article-2 part-7 s

Is retainage the same as holdback?

Retainage or retention or holdback is a common practice in the construction industry where a portion of payment, typically 5-10%, is withheld until a predefined milestone is achieved on a building project. Retainage has a long history in the industry and can apply to both general and subcontractors. Retainage: How It Works and Best Practices - Procore Procore library retainage Procore library retainage