Prompt payment statutes are laws that require the payment of contractors and subcontractors within a certain period of time, and prescribe interest and penalties for late payments. In some states these laws only apply to public works construction projects that are funded by the government—and sometimes only to public works projects over a certain dollar amount. There is also a federal Prompt Payment Act for federal construction projects.

In Alaska, prompt payment statutes are designed to ensure that contractors and subcontractors are paid in a timely manner for their work on construction projects. Alaska Statute AS 34.35.068 specifically addresses prompt payment for private construction projects, requiring that a contractor must pay their subcontractors within seven days of receiving payment for the subcontractor's work. For public projects, Alaska Statute AS 36.90.250 requires that a public entity must pay a contractor within 30 days after the receipt of an invoice, and the contractor must pay the subcontractor within 10 days of receiving payment from the public entity. If payments are delayed, interest penalties may apply. The federal Prompt Payment Act also applies to federal construction projects, ensuring timely payment to contractors and subcontractors working on projects funded by the federal government. These statutes are in place to protect the cash flow to businesses involved in construction, ensuring that they are not financially disadvantaged by late payments.