A bill to promote the prompt payment for labor, materials, and services provided for the improvement of real property in the private contractual construction industry; to provide for certain contract provisions; and to provide for certain remedies and penalties.
The bill mandates 30-day payment terms, requires owners to confirm sufficient funds, and imposes interest on late payments. It introduces detailed dispute resolution procedures, penalizes bad faith withholding of payments, and requires interest-bearing accounts for disputed amounts.
Co-sponsored by Reps.
Referred to the Committee on Economic Development and Small Business
