15-6-5 - Contractors' payments to subcontractors -- Time -- Interest. - Utah Statutes

15-6-5. Contractors' payments to subcontractors -- Time -- Interest.
Upon payment by an agency of the state of Utah or by an agency of the United States, abusiness which has acquired under contract, property or services in connection with its contractwith such an agency from a subcontractor or supplier, shall pay such subcontractor or supplierwithin 30 days after payment from such agency. Interest at the rate of 15.5% per annum shallaccrue and is due any subcontractor or supplier who is not paid within 45 days after the businessreceives payment from the agency, unless otherwise provided by contract between the businessand the subcontractor or supplier. Interest begins to accrue on the 31st day at the rate specified inthis subsection.

Enacted by Chapter 300, 1983 General Session