• Contractual lien waivers are void.
• Lien waivers must be in statutory form or they are unenforceable [§ 108.2457].
• In the case of a conditional waiver and release, the lien claimant must receive the payment in the amount identified in the conditional waiver and release to be effective.
• "Paid if Paid" is not enforceable in Nevada.
• "Pay when Paid" suggests time for payment.
• Pay-when-paid and Paid if Paid clauses in the subcontract or purchase order do not create a condition precedent to payment.

Retainage Provisions

Public

• The maximum rate of retainage is 5 percent. If the performance is satisfactory, retainage may be eliminated when 50 percent of the work is complete. The public body must pay the contractor, at the end of each quarter, interest for the quarter on the amount withheld at a rate equal to the rate quoted by at least three financial institutions. NEV. REV. STAT. § 338.515 (effective through June 30, 2015).

  When a public agency occupies one or more buildings of a public work, the agency shall pay the contractor the proportional value of the occupied portion, including retainage and interest. NEV. REV. STAT. § 338.520.  

  A contractor or subcontractor may retain up to 5 percent of any partial payment due under a subcontract until half of the work is complete. Subsequent payments must equal that paid by the public body for the work performed by the subcontractor. If the contractor or subcontractor receives interest earned on the retainage, it shall, within 10 days, pay each subcontractor the interest which has accrued from the retainage. NEV. REV. STAT. §§ 338.555 (effective through June 30, 2015).

Private

• Retainage may not exceed 10 percent, though additional amounts may be withheld for
  value of work not performed but for which payment is sought, and for costs to repair deficient
  work. The same rules apply to subcontractors. NEV. REV. STAT. ANN. §§ 624.609, 624.624.