Prompt Payment Penalties Precis An executive review of what you need to know

摘要

There have been a few cases during the past few years that affect the Prompt Pay Laws. The cases really do not support applying prompt pay penalties except where there is absolutely no dispute over the unpaid amount due or the work. We often hear of contractors claiming they are entitled to 24 percent on unpaid balances because of these laws and, usually, their position is contrary to the law. Thus, we thought it was important to give an overview of where these laws are today.