NAC624.6964. Requirements for schedule of payments; exceptions.

Except as otherwise provided in this section, a schedule of payments that is required to be included in a contract for work concerning a residential pool or spa pursuant to subsection 2 of NAC 624.6958 and any payment made pursuant to that schedule must comply with the following requirements:

     1. The schedule of payments must be stated in dollars and cents and must, for each payment, specifically reference the amount of work or services to be performed and any materials and equipment to be supplied or installed.

     2. The schedule of payments must not set a timetable for the completion of any stage or phase of the project that exceeds 30 days, unless completion of the stage or phase is delayed by an act of God or the owner agrees in writing to a longer period.

     3. Except as otherwise provided in subsection 4, the schedule of payments must not provide for the contractor to receive, nor may the contractor actually receive, payments in excess of 100 percent of the contracted amount for any stage or phase of the work performed on the project at any time, excluding any applicable finance charges.

     4. The schedule of payments may provide for the owner to pay to the contractor a down payment that complies with the provisions of paragraph (g) of subsection 2 of NRS 624.940.

     5. Payment for any stage or phase of the work performed for the contracted amount, as set forth in the schedule of payments, must not be due until the completion of that stage or phase of construction.

     6. A contractor may require final payment for the final stage or phase of the construction of a residential pool or spa after the completion of the plastering and the final inspection by the local building department, unless any installation of equipment, decking or fencing that is required in the contract is not completed.

     7. The requirements set forth in subsections 1 to 6, inclusive, do not apply if the contract provides for:

     (a) The contractor to furnish a bond for payment and performance covering full performance and completion of the contract;

     (b) Full payment to be made upon satisfactory completion of the entire project; or

     (c) A schedule of payments to commence upon satisfactory completion of the entire project.

     (Added to NAC by Contractors’ Bd., eff. 12-17-97; A by R098-12, 12-20-2012)