355. Requirement to pay notified sum.

Where a payment is provided for by a construction contract1, the payer2 must pay the notified sum3 (to the extent not already paid) on or before the final date for payment4. The payer or a specified person5 may in accordance with these provisions give to the payee6 a notice7 of the payer's intention to pay less than the notified sum8. Such a notice must specify the sum that the payer considers to be due on the date the notice is served, and the basis on which that sum is calculated