§ 22C-5. Late payments to bear interest. - North Carolina Statutes

§22C‑5.  Late payments to bear interest.

Should any periodic or finalpayment to a subcontractor be delayed by more than seven days after receipt ofperiodic or final payment by the contractor or subcontractor, the contractor orsubcontractor shall pay his subcontractor interest, beginning on the eighthday, at the rate of one percent (1%) per month or a fraction thereof on suchunpaid balance as may be due.  (1987 (Reg. Sess., 1988), c.946.)