How long do owners have to pay contractors under the Prompt Pay Act after a bill has been certified and approved?

Under the Prompt Pay Act, owners are required to pay contractors within a specific time frame after a bill has been certified and approved. The correct duration is 7 days. This stipulation is designed to ensure that once work is completed and the bill submitted has met all necessary criteria for approval, payment is made promptly to maintain cash flow and support the contractors' ability to operate effectively.

This short payment window encourages timely payment practices and fosters better relationships between property owners and contractors, ensuring that all parties can meet their financial obligations and continue their work without unnecessary delays.