Any money which is payable to a prime contractor, higher-tiered contractor or lower-tiered subcontractor pursuant to NRS 624.609, 624.610, 624.620, 624.624, 624.626 or 624.628 accrues interest from the time it becomes due at a rate equal to the higher of:
1. The rate agreed upon in the agreement between the parties; or
2. The rate equal to the prime rate at the largest bank in this State, as determined by the Commissioner of Financial Institutions on January 1 or July 1, as the case may be, immediately preceding:
(a) The time at which the agreement was signed; or
(b) If the agreement was oral, the time at which the terms of the agreement were agreed to by the parties,
plus 4 percent until the date of payment.
(Added to NRS by 1987, 557; A 2005, 1734)