New Mexico Receipt and Acceptance of Partial Delivery of Goods is a legal document that outlines the process and requirements for acknowledging and approving the partial delivery of goods in the state of New Mexico. This document ensures transparency and efficiency in commercial transactions and provides legal protection for both buyers and sellers involved in such transactions. When a seller is unable to fulfill an order in its entirety, they may opt to make a partial delivery of the goods to the buyer. In such cases, the New Mexico Receipt and Acceptance of Partial Delivery of Goods acts as evidence that the buyer has received and accepted the partial shipment. The document includes various key elements such as: 1. Parties Involved: It identifies the buyer and the seller, stating their legal names and contact information. This helps establish the legal relationship between the two parties and ensures accurate record-keeping. 2. Description of Goods: It includes a detailed description of the goods being delivered partially. This description must be accurate and specific, including relevant details such as quantity, quality, specifications, and any other pertinent information. 3. Acknowledgment of Partial Delivery: The document clearly states that the buyer acknowledges and accepts the partial delivery of the goods. This confirms that the buyer has received the partial shipment as agreed upon and that they are aware of the outstanding balance for the remaining goods. 4. Inspection and Acceptance: The buyer has the right to inspect the partial delivery to ensure it meets their requirements and matches the specifications mentioned in the document. Any discrepancies or damages should be noted for future reference or potential claims. 5. Outstanding Balance: The receipt will include details of the remaining balance owed by the buyer to the seller. This helps maintain transparency and facilitates future payment agreements. 6. Signatures and Dates: To make the document legally binding, both the buyer and seller must sign and date the receipt. This confirms their agreement to the terms and conditions outlined in the document and serves as evidence of their consent. Different types of New Mexico Receipt and Acceptance of Partial Delivery of Goods can vary based on specific industries or trade practices. For example: 1. New Mexico Receipt and Acceptance of Partial Delivery of Agricultural Goods: This type of receipt is specific to agricultural products such as crops, livestock, or farm equipment. 2. New Mexico Receipt and Acceptance of Partial Delivery of Industrial Goods: This type of receipt is tailored for industrial goods such as machinery, equipment, or raw materials used in manufacturing processes. 3. New Mexico Receipt and Acceptance of Partial Delivery of Retail Goods: This type of receipt is designed for retailers and covers the partial delivery of various products sold in a retail setting, including electronics, clothing, or household items. In conclusion, the New Mexico Receipt and Acceptance of Partial Delivery of Goods is a crucial document that helps facilitate and regulate the process of accepting partial deliveries. By utilizing this document, buyers and sellers can ensure proper acknowledgment, record-keeping, and legal protection throughout the transaction.
New Mexico Receipt and Acceptance of Partial Delivery of Goods
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All construction contracts shall provide that contractors and subcontractors make prompt payment to their subcontractors and suppliers for amounts owed for work performed on the construction project within seven days after receipt of payment from the owner, contractor or subcontractor.
Section 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.
In 1982, Congress passed the Prompt Payment Act to require Federal agencies to pay their bills on a timely basis; to pay interest penalties when payments are made late, and to take discounts.
If a periodic or final payment to a contractor is delayed by more than twenty-one days or if a periodic or final payment to a subcontractor is delayed by more than seven days after receipt of periodic or final payment by the contractor or subcontractor, the owner, contractor, or subcontractor shall pay his contractor ...
(1) Prompt payment for subcontractors. A payment clause that obligates the Contractor to pay the subcontractor for satisfactory performance under its subcontract not later than 7 days from receipt of payment out of such amounts as are paid to the Contractor under this contract.
Does New Mexico limit the amount of retainage that can be withheld from a contractor? Retainage is prohibited in New Mexico. 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 the contract value.
Except as otherwise provided in this section, no assessment of tax may be made by the department after three years from the end of the calendar year in which payment of the tax was due, and no proceeding in court for the collection of such tax without the prior assessment thereof shall be begun after the expiration of ...
Any person having a right to the immediate possession of any goods or chattels, wrongfully taken or wrongfully detained, may bring an action of replevin for the recovery thereof and for damages sustained by reason of the unjust caption or detention thereof. History: C.L. 1897, § 2685 (228), added by Laws 1907, ch.
