NC H383

Declares "pay if paid" and "pay when paid" clauses in construction contracts unenforceable as against North Carolina public policy, meaning subcontractors cannot be denied payment solely because a contractor hasn't received payment from the owner

Requires contractors to pay subcontractors within 7 days of receiving periodic or final payment from the owner, or within 30 days of receiving a bill from the subcontractor, whichever comes first

Voids any contractual provision that postpones payment to subcontractors for more than 30 days after work completion and billing

Imposes 1% monthly interest on late payments to subcontractors, beginning the first day after the maximum payment period expires

Exempts residential contractors and improvements to residential properties of 12 or fewer units from these requirements