66-34-302 - Application for payment Interest. - Tennessee Statutes

66-34-302. Application for payment Interest.

(a)  If a subcontractor, materialman, or furnisher has performed in accordance with the provisions of the subcontractor, materialman, or furnisher's  written contract with the contractor, then the contractor shall pay to the subcontractor, materialman or furnisher the full amount earned by the subcontractor, materialman or furnisher, subject only to any condition precedent for payment clause in the contract, and less only those amounts withheld in accordance with the provisions of § 66-34-303. The payment shall be made in accordance with the schedule for payments established within the contract and within thirty (30) days after application for payment is timely submitted by the subcontractor, materialman, or furnisher to the contractor, in accordance with the schedule.

(b)  The subcontractor, materialman, or furnisher shall also be paid its pro rata share of any interest provided for in § 66-34-601 that has been received by the contractor.

[Acts 1991, ch. 45, § 1; 2006, ch. 944, § 2.]