Owner to Prime Contractor (Private): Progress payments are due as set forth by contract. Final payment is due at substantial completion.
Prime Contractor to Subcontractor (Private): 15 days after receipt of payment form owner.
Interest/Penalties (Private): Prime Contractors: interest at a rate of 1% per month for any unpaid balances beginning 30 days from the due date; Subcontractors: interest at a rate of 0.5% per day up to 15% for any unpaid balance.
Owner to Prime Contractor (Public): Progress payments are due as set forth by contract. Final payment is due at substantial completion.
Prime Contractor to Subcontractor (Public): 15 days after receipt of payment form owner.
Interest/Penalties (Public): Prime Contractors: interest at a rate of 1% per month for any unpaid balances beginning 45 days from the due date; Subcontractors: interest at a rate of 0.5% per day up to 15% for any unpaid balance.
Pay-If-Paid Permissible: Yes.
Disclaimer: This information was published on July 1, 2020. Please contact Josh Levy, Eric Meier or Samantha Schacht for modifications made by Mississippi since that date. Visit our 50-State Construction Law Map for information on other states.