5-26-6. Time for payments to subcontractors and suppliers--Interest on overdue amounts--When payments due. Upon payment by an agency, a business that has acquired under contract, property or services in connection with the business's contract with the agency from a subcontractor or supplier, shall pay the subcontractor or supplier within thirty days after receiving payment from the agency. Interest at the Category B rate of interest as established in § 54-3-16 shall accrue and is due any subcontractor or supplier who is not paid within thirty days after the business receives payment from the agency, unless otherwise provided by contract between the business and the subcontractor or supplier. Interest begins to accrue on the thirty-first day at the rate specified in this section. Payment is due when the subcontractor or material supplier has satisfied the terms of the contract or material delivery agreement.
Source: SL 1984, ch 41, § 6; SL 1988, ch 59, § 5; SL 2018, ch 47, § 3.
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