Disbursement of money by contractor to subcontractors and suppliers; time for payment; interest.
1. Each contractor shall disburse money paid to him pursuant to NRS 624.620, including any interest which he receives, to his subcontractors and suppliers within 15 days after he receives the money, in direct proportion to the subcontractors’ and suppliers’ basis in the total contract between the contractor and the owner.
2. Any money which is payable to a subcontractor pursuant to this section accrues interest at a rate equal to the lowest daily prime rate at the three largest United States banking institutions on the date the contract is executed plus 2 percent, from 15 days after the date on which the money was received by the contractor until the date of payment.
Last modified: February 27, 2006