As this year’s construction projects are in full swing, it’s a good time to review your rights to payment. Since 2014, the Prompt Pay Act has been a tremendous resource for contractors to recover retainage and interest from upstream contractors and owners for failing to timely pay on a project. Here are a few highlights from the Prompt Pay Act. Limit on Retainage. Retainage may not exceed 10%. And, when [...]
Continuing with our theme of Ready for 2015, this blog serves as a reminder of your rights and obligations under Nebraska’s Prompt Pay Act, Neb. Rev. Stat. §§ 45-1201-1211. As you may recall, Nebraska’s legislature amended the Prompt Pay Act in 2014. The most significant changes are highlighted below. Attorney’s Fees May be Recovered. The most significant change in the Prompt Pay Act allows contractors to recover damages if they [...]
Senators Lathrop and Mello introduced legislation to amend the Nebraska Construction Prompt Pay Act in Legislative Bill 373. A copy of the bill can be found here. The main changes include: A definition of substantially complete is added and is defined as the state of a construction project when the project is sufficiently complete in accordance with the contract to be used for its intended purpose. A limit on [...]
