Ohio HB288 requires private construction project owners to timely pay contractors and subcontractors.
Ohio HB288 amends the Revised Code to mandate that private owners of construction projects must pay contractors within specified timeframes. Owners must pay contractors within 30 days for work certified by an architect or engineer, and within 10 days for other work. Contractors must then pay subcontractors and material suppliers within 10 days of receiving payment from the owner. Failure to pay within these timeframes results in interest charges of 18% per annum.
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