§ 45-1205 — Delay in payment; additional interest payment

Except as provided
in section 45-1204 , if a periodic or final payment to (1) a contractor is
delayed by more than thirty days after receipt of a properly submitted periodic
or final payment request by the owner or owner's representative or (2) a subcontractor
is delayed by more than ten days after receipt of a periodic or final payment
by the contractor or subcontractor, then the remitting owner,
contractor, or subcontractor shall pay the contractor or subcontractor
interest due until such amount is paid, beginning on the day following the
payment due date at the rate of one percent per month or a pro rata fraction
thereof on the unpaid balance. Interest is due under this section only after
the person charged the interest has been notified of the provisions of this
section by the contractor or subcontractor. Acceptance of progress payments
or a final payment shall release all claims for interest on such payments.

Legislative History

Source: Laws 2010, LB552, § 5; Laws 2014, LB961, § 9.