Hawaii HB274 mandates timely payments to subcontractors and outlines penalties for late payments.

Hawaii HB274 amends Chapter 444, Hawaii Revised Statutes, to require contractors to pay subcontractors within thirty days of receiving an invoice. If a contractor fails to pay within forty-five days, they must cover all reasonable attorney fees, financial penalties, and accrued interest incurred by the subcontractor. Contractors must also ensure timely payments from project funders and carry subcontractor default insurance. Subcontractors must guarantee their work and can pursue civil claims against contractors for violations.

Hawaii HB274 mandates timely payments to subcontractors and outlines penalties for late payments.

Hawaii HB274 amends Chapter 444, Hawaii Revised Statutes, to require contractors to pay subcontractors within thirty days of receiving an invoice. If a contractor fails to pay within forty-five days, they must cover all reasonable attorney fees, financial penalties, and accrued interest incurred by the subcontractor. Contractors must also ensure timely payments from project funders and carry subcontractor default insurance. Subcontractors must guarantee their work and can pursue civil claims against contractors for violations.