Maryland HB1336 regulates payment timelines and interest accrual for procurement and construction contracts.

Maryland HB1336 mandates that units within the Executive Branch of the State government must pay contractors within a specified number of days after receiving an invoice for work satisfactorily completed. The bill also requires interest to be paid on any late payments, in accordance with state law. Contractors and subcontractors are required to pay their subcontractors within a set number of days after receiving payment from their own contractor or subcontractor, with interest for any late payments.

Maryland HB1336 regulates payment timelines and interest accrual for procurement and construction contracts.

Maryland HB1336 mandates that units within the Executive Branch of the State government must pay contractors within a specified number of days after receiving an invoice for work satisfactorily completed. The bill also requires interest to be paid on any late payments, in accordance with state law. Contractors and subcontractors are required to pay their subcontractors within a set number of days after receiving payment from their own contractor or subcontractor, with interest for any late payments.