FASA Publishes New Edition of Prompt Payment in the 50 States

Many state legislatures have recognized the importance of prompt payment as public policy and interjected their notions of fairness into the traditional private contractual relationship through the enactment of state prompt pay laws. These statutes have attempted to level the playing field in the construction industry by imposing significant monetary disincentives, such as interest and attorney fees upon those holding funds belonging to another for an unreasonable time after the work has been satisfactorily performed. Construction subcontractors seeking the most current information regarding state laws on prompt payment for commercial construction can now access a newly updated Prompt Payment Laws in the 50 States 2018. This popular manual charts state-by-state breakdown of such details as the time frame for payment from owners to prime subcontractors; from prime contractors to subcontractors; and from subcontractors to lower-tier subcontractors. The manual is a no cost benefit for ASA members and is available under “Contracts and Project Management” in the Member Resources section of the ASA Web site. The manual was prepared by ASA general counsel Kegler, Brown, Hill & Ritter, Columbus, Ohio.