Provides for payment to contractors and subcontractors on construction contracts. Provides for payment to contractors and subcontractors on construction contracts. Requires 30-day billing cycle for construction contracts. Provides exceptions. Requires owner to approve or decline to approve bill within 14 days and make payment within seven days following approval. Specifies grounds for owner to decline to approve certain costs. Requires contractor to make payment to subcontractors within seven days of receiving payment from owner. Prescribes interest penalty for unpaid amounts. [Specifies grounds for contractor or subcontractor to suspend work on contract or terminate contract.] Exempts contracts for construction, alteration, repair, maintenance, moving or demolition of residential structure.
Provides that construction contract may not be subject to law of another state.
Applies to contracts negotiated or advertised on or after effective date of Act.
Chapter Number:
Fiscal Impact:
May Have Fiscal Impact, But No Statement Yet Issued