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A: There is no limit by law, but it should be a negotiated sum between the homeowner and contractor. Generally, deposits should be limited to around 10% of the contract price, but this also depends on the remaining pay schedule. Contractors typically ask for deposits for material costs.
Progress payments from the public entity to the prime contractor must be made ing to the terms of the contract. As for final payments from the entity, these must be made within 45 days of either the acceptance of the project, or occupancy of the improvement; whichever is earlier.
Licensing Board; organization. There is created the State Licensing Board for General Contractors consisting of nine members appointed by the Governor for staggered five-year terms.
Although the set limit for private projects often relates to their contract with the owner, there are limits for subcontractors and others throughout the chain, which is typically seven days from the date the general contractor receives payment.
Payment Deadlines for Private Projects After the prime contractor has received payment, they must release payment to their subcontractors and suppliers within 30 days of either when payments became due after furnishing labor or materials, or after the request for payment was received; whichever is later.
The prompt pay law requires that insurers allow at least 180 days from the date of service or discharge for a claim to be filed, but they may allow more time than that. No distinction is made in the law for primary or secondary coverage.
In North Carolina, ?any person who performs or furnishes labor or professional design or surveying services or furnishes materials or furnishes rental equipment pursuant to a contract . . . with the owner of real property for the making of an improvement thereon? has a right to file a claim of lien on real property.