45-1205 Delay in payment; additional interest payment. - Nebraska Statutes

45-1205. Delay in payment; additional interestpayment.Exceptas provided in section 45-1204, if a periodic or final payment to (1) a contractoris delayed by more than thirty days after receipt of a properly submittedperiodic 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 periodicor final payment by the contractor or subcontractor, then the remitting partyshall pay the contractor or subcontractor interest due until such amount ispaid, beginning on the day following the payment due date at the rate of onepercent per month or a pro rata fraction thereof on the unpaid balance. Interestis due under this section only after the person charged the interest has beennotified of the provisions of this section by the contractor or subcontractor.Acceptance of progress payments or a final payment shall release all claimsfor interest on such payments. SourceLaws 2010, LB552, § 5.