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 Mississippi, prompt payment statutes are designed to ensure that contractors and subcontractors working on construction projects are paid in a timely manner. These laws apply to both public and private construction projects. Under Mississippi Code Title 85, Chapter 7, payments to contractors on public projects must generally be made within 45 days after the submission of an undisputed request for payment. For private projects, the Mississippi Prompt Pay Act requires that once the owner receives a proper invoice from a contractor, the owner must pay within 30 days, and contractors must pay their subcontractors within 10 days of receipt from the owner. If payments are delayed, the Mississippi statutes prescribe interest penalties for late payments. The rate of interest for late payments is set forth in the contract or, if not specified, at 1.5% per month. It's important to note that these statutes may have specific requirements and exceptions, and the application of these laws can vary depending on the details of the contract and the nature of the project. Additionally, for federal construction projects, the Federal Prompt Payment Act applies, which also mandates timely payment to contractors and subcontractors, with its own set of deadlines and penalties for non-compliance.