Tag: Prompt
-
The Trend Toward Bright-Line Protections: Recent Legislative Updates to Prompt Payment Laws Across the Country
Prompt payment statutes have long served as the backbone of financial fairness and predictability in the construction industry. Designed to ensure that those who perform work and furnish materials are paid timely, these statutes help maintain cash flow stability across all tiers of a project. In recent years, state legislatures across the country have taken…
-
What Contractors Need to Know About Prompt Payment Statutes in Construction
Prompt payment statutes are laws enacted at the federal and state levels that set specific deadlines for payment and limit the amount of retention that can be withheld on construction projects. These statutes can apply to both public and private construction work, depending on the jurisdiction, and are designed to ensure that contractors, subcontractors and…