NORTH CAROLINA GENERAL ASSEMBLY
1979 SESSION

CHAPTER 778
HOUSE BILL 930

AN ACT TO AMEND G.S. 143-134.1 SO AS TO PROVIDE FOR INTEREST DUE PRIME CONTRACTORS AND TO CHANGE THE INTEREST RATE.

The General Assembly of North Carolina enacts:

Section 1.  G.S. 143-134.1 is amended as follows:
(a)	by deleting the words "except the construction of roads, highways, bridges and their approaches" and inserting in lieu thereof: "except contracts let by the Department of Transportation pursuant to G.S. 136-28.1" on line 3;
(b)	by deleting the words "six percent (6%) per annum" and inserting in lieu thereof: "one percent (1%) per month or fraction thereof unless a lower rate is agreed upon" on line 21;
(c)	and by inserting on line 21 following the word "due." the following: "In addition to the above final payment provisions, periodic payments due a prime contractor during construction shall be paid in accordance with the payment provisions of the contract documents or said prime contractor shall be paid interest on any such unpaid amount at the rate stipulated above for delayed final payments. Such interest shall begin on the date the payment is due and continue until the date on which payment is made. Such due date may be established by the terms of the contract.
Sec. 2.  This act shall become effective July 1, 1979, and shall apply to all public construction contracts described herein which are awarded after July 1, 1979.
In the General Assembly read three times and ratified, this the 5th day of June, 1979.