Prompt Pay Law requires owners to pay contractors within how many days of receiving the contractor's written request if the conditions of the contract have been met?

The Prompt Pay Law is designed to ensure timely payments to contractors once they fulfill their contractual obligations. Under this law, once a contractor submits a written request for payment that complies with the terms of the contract, the owner is required to make payment within 60 days. This time frame aims to promote fair business practices and ensure that contractors are compensated promptly for their work, thereby improving cash flow and project efficiency.

Understanding the specifics of the law is essential for contractors and owners alike to effectively manage their financial responsibilities and relationships. It’s important to recognize that while the law provides a standard timeframe for payment, the exact terms can vary based on individual contract stipulations, as long as they comply with the general framework established by the Prompt Pay Law.