§444-25  Payment for goods and services. 
A contractor shall pay the contractor's subcontractor for any goods and
services rendered within sixty days after receipt of a proper statement by the
subcontractor that the goods have been delivered or services have been
performed.  The subcontractor shall be entitled to receive interest on the
unpaid principal amount at the rate of one per cent per month commencing on the
sixtieth day following receipt of the statement by the contractor, provided
that this section shall not apply if the delay in payment is due to a bona fide
dispute between the contractor and the subcontractor concerning the goods and
services contracted for.  If there is no bona fide dispute between the
subcontractor and the contractor concerning the goods or services contracted
for, the subcontractor shall be entitled to payment for goods and services
under this section.



If payment is contingent upon receipt of funds
held in escrow or trust, the contractor shall clearly state this fact in the contractor's
solicitation of bids.  If the solicitation for bids contains the statement that
the time of payment is contingent upon the receipt of funds held in escrow or
trust and a contract is awarded in response to the solicitation, interest will
not begin to accrue upon any unpaid balance until the sixtieth day following
receipt by the contractor of the subcontractor's statement or the thirtieth day
following receipt of the escrow or trust funds, whichever occurs later. [L
1969, c 147, §2; am L 1971, c 92, §1; gen ch 1985]