HI HB1232

Removes the requirement that contractors wait to receive payment from the property owner before paying subcontractors, allowing payment within 10 days of receiving a valid invoice.

Maintains the 10-day payment deadline after receipt of an invoice with required supporting documents as specified in the subcontract.

Preserves the interest accrual rate of 1.5 percent per month on unpaid amounts owed to subcontractors.

Allows contractors to make payment contingent on receipt of escrow or trust funds only if they clearly disclose this in their initial bid solicitation.

Does not apply to public contracts covered under chapter 103 or sections affecting public contracts.