SB171 Summary

• Prohibits waiver of the 30-day payment requirement for state contracts and requires payment within 30 days after a non-state party completes their contract obligations and presents a proper invoice.

• Adds one percent monthly interest (or fraction thereof) on any approved but unpaid amounts until final payment is made.

• Requires contracts to certify that funds have been secured for payment, with proof of fund availability provided to the contracting party before they execute their responsibilities.

• Requires contractors receiving state payments to pay subcontractors and sub-subcontractors their portion within agreed-upon terms, or within seven days if no terms are agreed, including applicable interest.

• Entitles owners, contractors, or sub-contractors who prevail in civil disputes to recover reasonable attorneys' fees and court costs; limits payment withholding in disputes to twice the disputed amount.