Owner to Prime Contractor (Private): 21 days after receipt of invoice. Final payment due 10 days after certification of completion and submission of required closeout documents.
Prime Contractor to Subcontractor (Private): 7 days after receipt of payment from owner.
Interest/Penalties (Private): Interest at a rate of 1.5% per month. Reasonable attorneys’ fees and costs awarded to prevailing party.
Owner to Prime Contractor (Public): 21 days after receipt of invoice. Final payment due 10 days after certification of completion and submission of required closeout documents. A local public body may make payment within 45 days after receipt of invoice if grant money is used to fund project and contract and plans specifically provide alternate timing.
Prime Contractor to Subcontractor (Public): 7 days after receipt of payment from owner.
Interest/Penalties (Public): Interest at a rate of 1.5% per month. Reasonable attorneys’ fees and costs awarded to prevailing party.
Pay-If-Paid Permissible: Likely yes, though no New Mexico court has taken up this issue.
Disclaimer: This information was published on July 1, 2020. Please contact Josh Levy, Eric Meier or Samantha Schacht for modifications made by New Mexico since that date. Visit our 50-State Construction Law Map for information on other states.