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 Rhode Island, prompt payment statutes are designed to ensure that contractors and subcontractors are paid in a timely manner for their work on construction projects. Rhode Island General Laws § 37-13-1 et seq. govern the prompt payment in both private and public construction projects. For public projects, the law requires that a public entity must pay the prime contractor within 30 days after receipt of an invoice, and the prime contractor must pay its subcontractors within 10 days of receiving payment from the public entity. For private projects, the owner must pay the contractor within 30 days of receiving a request for payment, and the contractor must pay the subcontractor within 10 days of receipt of payment from the owner. If payments are not made within these time frames, interest may accrue on the unpaid amount at a rate specified by the statute. The Rhode Island prompt payment statutes apply regardless of the project's dollar amount, ensuring protection for parties involved in both large-scale and smaller construction projects.