Procurement Contracts and Construction Contracts - Payments

Summary

The bill requires owners such as counties, cities, school boards and public authorities to pay undisputed amounts within 30 days of occupancy or possession, or within 7 days if the contract specifies a date. It adds notice requirements for withheld payments, caps the amount that can be withheld, imposes 2% monthly interest on late payments, and allows contractors to stop work after notice. The changes aim to protect contractors and ensure timely payment on public projects.

AI-generated summary — may be incomplete or inaccurate. Verify against the official bill text.

Topics

Share