Tennessee HB1696 reduces the public contract payment deadline and mandates annual late payment reporting by agencies.
Tennessee HB1696 amends the state's public contract laws by shortening the payment deadline from forty-five to thirty days. Additionally, it requires agencies that make payments to businesses under contracts to report annually on late payments and the associated interest. The report, due by January 10 each year, must detail the number and amount of late payments and unpaid interest, and be submitted to the relevant legislative committees.
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