28-2-2115. Alternative billing cycle. (1) A construction contract may provide for a billing cycle other than a monthly billing cycle if the construction contract specifically sets forth another billing cycle and either of the following applies:
(a) a notice in substantially the following form, setting forth the other billing cycle, appears in clear and conspicuous type in the "Information for Bidders" section of the construction documents:
Notice of Alternate Billing Cycle
This contract allows the owner to require the submission of payment requests in billing cycles other than once a month. Payment requests for this contract must be submitted as follows: __________________________________________________ ___________________________________________________ ___________________________________________________; or
(b) a notice in substantially the following form, setting forth the other billing cycle, appears in clear and conspicuous type in the "Information for Bidders" section of the construction documents:
Notice of Alternate Billing Cycle
This contract allows the owner to require the submission of payment requests in billing cycles other than once a month. A written description of the other billing cycle applicable to the project is available from the owner or the owner's designated agent at (telephone number or address, or both), and the owner or the owner's designated agent must provide this written description on request.
(2) An owner may change the number of days to approve a contractor's payment request to later than 21 days after the date the payment request is submitted if:
(a) the construction contract in a clear and conspicuous manner specifically provides for a later approval date defined by a specified number of days after the payment request is submitted; and
(b) a notice in substantially the following form, setting forth the specified number of days, appears in clear and conspicuous type in the "Information for Bidders" section of the construction documents:
Notice of Approval of Payment Request Provision
This contract allows the owner to approve the contractor's payment request within ___ days after it is received by the owner.
(3) An owner may make payments later than 7 days after the date that the contractor's request for payment is approved if:
(a) the construction contract in a clear and conspicuous manner specifically provides for a later payment defined by a specified number of days after approval; and
(b) a notice in substantially the following form, setting forth the specified number of days, appears in clear and conspicuous type in the "Information for Bidders" section of the construction documents:
Notice of Extended Payment Provision This contract allows the owner to make payment within ___ days after approval of the payments.
History: En. Sec. 3, Ch. 274, L. 2003.