September 09, 2010
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Penalties for using an illegal construction contract in New Mexico:
  • New Mexico Statutes Annotated § 56-7-1 voids any indemnification agreement which would insulate an owner or contractor from consequences of their own negligence.
  • Failure to comply with New Mexico's Prompt Pay Act can result in an interest penalty of 1-1/2 percent per month or fraction of a month plus attorney fees and court costs.
  • Omission of federal truth in lending disclosures required by 15 United States Code § 1638 makes the creditor liable for both the overcharge and the debtor's attorney fees.
  • Failure to include the disclosures required by 12 Code of Federal Regulations § 226.15 extends the right of rescission to three years (rather than three days).
  • Omitting insulation disclosures required by 16 Code of Federal Regulation § 460 can result in an $11,000 fine.
The contracts linked below will help New Mexico contractors avoid these penalties by complying with state and federal law.
The contracts linked below also comply with current New Mexico and federal court decisions.

New Mexico Construction Contracts Available Now
Title Bias Contract Type Page Length
NM Commercial Construction I Light bias in favor of the contractor. Prime 36
NM Commercial Construction II Light bias in favor of the owner. Prime 15
NM Commercial Repair Neutral. Prime 19
NM Commercial Subcontract I Light bias in favor of the subcontractor. Subcontract 32
NM Commercial Subcontract II Light bias in favor of the contractor. Subcontract 17
NM Custom Home I Light bias in favor of the contractor. Prime 20
NM Custom Home II Light bias in favor of the owner. Prime 26
NM Home Improvement I Moderate bias in favor of the contractor. Prime 27
NM Home Improvement II Moderately favors the owner. Prime 31
NM Home Repair I Heavy bias in favor of the contractor. Prime 11
NM Home Repair II Heavy bias in favor of the owner. Prime 19
NM Pool Neutral. Prime 20
NM Public Works Subcontract Moderate bias in favor of the contractor. Prime 36
NM Residential Subcontract I Light bias in favor of the subcontractor. Subcontract 15
NM Residential Subcontract II Light bias in favor of the contractor. Subcontract 22
NM Tenant Improvement Neutral. Prime 15
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