§ 28-2-2115 — Alternative Billing Cycle

28-2-2115 . Alternative billing cycle. (1) A construction contract may provide for a billing cycle other than a monthly billing cycle if the construction contract specifically sets forth another billing cycle and either of the following applies:
(a) a notice in substantially the following form, setting forth the other billing cycle, appears in clear and conspicuous type in the "Information for Bidders" section of the construction documents:
(b) a notice in substantially the following form, setting forth the other billing cycle, appears in clear and conspicuous type in the "Information for Bidders" section of the construction documents:
(2) An owner may change the number of days to approve a contractor's payment request to later than 21 days after the date the payment request is submitted if:
(a) the construction contract in a clear and conspicuous manner specifically provides for a later approval date defined by a specified number of days after the payment request is submitted; and
(b) a notice in substantially the following form, setting forth the specified number of days, appears in clear and conspicuous type in the "Information for Bidders" section of the construction documents:
(3) An owner may make payments later than 7 days after the date that the contractor's request for payment is approved if:
(a) the construction contract in a clear and conspicuous manner specifically provides for a later payment defined by a specified number of days after approval; and
(b) a notice in substantially the following form, setting forth the specified number of days, appears in clear and conspicuous type in the "Information for Bidders" section of the construction documents:
Notice of Extended Payment Provision This contract allows the owner to make payment within ___ days after approval of the payments.

Legislative History

En. Sec. 3, Ch. 274, L. 2003.