House Bill 566, which amends the state’s Contractor and Subcontractor Payment Act (otherwise known as Prompt Pay), was signed into law on June 12th. The amendments provide contractors and subcontractors with the ability to suspend work without penalty due to nonpayment. The suspension of performance provision requires that certain notification timelines are followed. The bill will take effect in October 2018.
Stradley Ronon Stevens & Young, LLP has produced a one-page summary, written by Patrick R. Kingsley, outlining the major changes found in House Bill No. 566.
GBCA’s Prompt Pay Seminar and Webinar
If you want to learn more about House Bill No. 566, GBCA is holding a FREE seminar on the Prompt Pay bill on September 12, 2018 at 10am. The seminar will take place at GBCA. If you cannot attend in-person, we are also offering the seminar as a webinar!