§ 37-13.1-1. Suits allowed — Jurisdiction — Statute of limitations — Procedure.
(a) Any person, firm, or corporation which is awarded a contract subsequent to July 1,
1977, with the state of Rhode Island, acting through any of its departments, commissions,
or other agencies, for the design, construction, repair, or alteration of any state
highway, bridge, or public works other than those contracts which are covered by the
public works arbitration act may, in the event of any disputed claims under the contract,
bring an action against the state of Rhode Island in the superior court for Providence
county for the purpose of having the claims determined, provided notice of the general
nature of the claims shall have been given in writing to the department administering
the contract in accordance with the contract specifications set forth for the specific
contract. No action shall be brought under this section later than one year from the
date of the acceptance of the work by the agency head as so evidenced; provided, however,
that no action shall be brought under this section on any contract awarded prior to
July 1, 1977. Acceptance of an amount offered as final payment shall preclude any
person, firm, or corporation from bringing a claim under this section. The action
shall be tried to the court without a jury. All legal defenses except governmental
immunity shall be reserved to the state. Any action brought under this section shall
be privileged in respect to assignment for trial upon motion of either party.
(b) Any party bringing an action under this section shall be entitled to an award of prejudgment
interest beginning with the filing date of such court action. Said interest shall
be computed daily to the date of payment and shall be compounded annually. Interest
shall be calculated as follows:
(1) Where the period for which interest is owed does not exceed one year, interest shall
be calculated for such period at an annual rate equal to the weekly average one year
constant maturity treasury yield, as published by the board of governors of the federal
reserve system, for the calendar week preceding the filing date of the court action
under this section.
(2) Where the period for which interest is owed is more than one year, interest for the
first year shall be calculated in accordance with subdivision (1) of this section
and interest for each additional year shall be calculated on the combined amount of
the principal and accrued interest at an annual rate equal to the weekly average one
year constant maturity treasury yield, as published by the board of governors of the
federal reserve system, for the calendar week preceding the beginning of each additional
year.
In the event the one year constant maturity treasury yield is converted to a different
standard reference base or otherwise revised, the determination of interest shall
be made with the use of such converted or revised standard reference base. In the
event the board of governors of the federal reserve system ceases to publish a converted
or revised rate, interest shall be calculated at a rate published by the United States
Treasury Department, or other comparable entity, that establishes a rate reflecting
or best approximating the market conditions for one year investments at the time of
the taking and each additional year that interest is owed pursuant to subdivision
(2) above.
Any action brought under this section shall, upon motion of either party, be given
priority for expedited hearing.