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 Oregon, prompt payment statutes are designed to ensure that contractors and subcontractors are paid in a timely manner for their work on construction projects. Oregon Revised Statutes (ORS) 279C.570 to 279C.580 cover prompt payment for public improvement contracts. These statutes require public agencies to pay contractors within 30 days after receipt of an invoice or the date on which the agency accepts the work, whichever is later. Contractors must then pay their subcontractors within 10 days of receiving payment from the public agency. If payment is delayed, interest may accrue at the rate of 1.5% per month. For private construction projects, ORS 701.620 requires owners to pay contractors within 30 days after the contractor delivers an invoice, and contractors must pay their subcontractors within 7 days of receiving payment from the owner. The interest on late payments for private projects is set at 1.5% per month or 18% annually. These statutes apply regardless of the project's dollar amount and ensure that parties at various levels of the construction process receive payment in a fair and expedient manner.