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 Oklahoma, prompt payment statutes are designed to ensure that contractors and subcontractors are paid in a timely manner for their work on construction projects. These laws apply to both public and private construction projects. Under Oklahoma statutes, specifically Title 61, Section 1 of the Oklahoma Statutes, state agencies are required to pay contractors within 45 days after receipt of an invoice or after the delivery of the property or services, whichever is later. For private projects, the Oklahoma Prompt Payment Act mandates that the owner must pay the contractor within 35 days after the contractor's request for payment, and the contractor must pay its subcontractors within 7 days of receiving payment from the owner. If payments are not made within these time frames, interest penalties may be imposed. The rates and conditions for these penalties are outlined in the statutes. Additionally, for federal construction projects, the Federal Prompt Payment Act applies, which requires federal agencies to pay contractors within a certain time frame and includes provisions for interest on late payments.