AK SB129

State agencies must pay contractors within 30 calendar days after receiving a compliant payment request, with interest accruing at the statutory rate starting on day 31 for late payments

Nonprofit organizations, municipalities, and Alaska Native organizations must be paid within 30 calendar days for grants and reimbursement agreements (or 21 days when federal funds are used)

Agencies withholding payment for unsatisfactory performance must provide written notice within 8 working days specifying the reason and required remedial actions, with interest penalties for non-compliant notifications

Named grant recipients that are not municipalities must receive at least 20% of grant funds within 10 days of the grant agreement's effective date, with the remainder paid in monthly installments or a lump sum

Interest penalties do not apply to retainage, and public construction/public works contracts are exempt from these provisions