(a) The state or a political subdivision of the state shall pay to the prime contractor interest on retainage, including warranty retainage, on a contract for public construction or public works at an interest rate that is equal to the amount set out in AS 45.45.010 (a). Interest on retainage accrues from the date of approval of a pay request until the date of payment to the contractor.
(b) A political subdivision that has a population of 500 or less is exempt from the payment of interest under (a) of this section.
Section: Previous 36.90.200 36.90.210 36.90.220 36.90.230 36.90.240 36.90.250 36.90.260 36.90.265 36.90.270 36.90.290 NextLast modified: November 15, 2016