§ 66-34-101. Short Title
This chapter shall be known and may be cited as the “Prompt Pay Act of 1991.”
§ 66-34-102. Chapter Definitions
As used in this chapter, unless the context or subject matter indicates another meaning, the words and phrases defined in § 66-11-101 have the same meaning as set out in that section and are incorporated in this chapter by reference.
§ 66-34-103. Withholding of Retainage — Violations — Penalties
All construction contracts on any project in this state, both public and private, may provide for the withholding of retainage; provided, however, that the retainage amount may not exceed five percent (5%) of the amount of the contract. The owner, whether public or private, shall release and pay all retainages for work completed pursuant to […]
§ 66-34-104. Retention of Portion of Contract Price in Escrow — Applicability — Mandatory Compliance
Whenever, in any contract for the improvement of real property, a certain amount or percentage of the contract price is retained, that retained amount must be deposited in a separate, interest-bearing, escrow account with a third party which must be established upon the withholding of any retainage. As of the time of the withholding of […]