815 ILCS 603/1
Short title
Short title. This Act may be cited as the Contractor Prompt Payment Act. (Source: P.A. 95-567, eff. 8-31-07.)
Illinois Compiled Statutes 815 ILCS 603 — Contractor Prompt Payment Act.
Illinois · statute · 815 ILCS 603 · 6 active provisions
Provisions
815 ILCS 603/5
Definitions
Definitions. In this Act: (a) "Payment application" means, in accordance with the terms and definitions of the applicable contract, any invoice, bill or other request for periodic payment, final payment, payment of change order or request for release of retainage from the contractor to the owner. (b) "Construction cont…
815 ILCS 603/10
Construction contracts
Construction contracts. All construction contracts shall be deemed to provide the following: (1) If a contractor has performed in accordance with the provisions of a construction contract and the payment application has been approved by the owner or the owner's agent, the owner shall pay the amount due to the contracto…
815 ILCS 603/15
Interest; suspension of performance
Interest; suspension of performance. (a) If a payment due pursuant to the provisions of this Act is not made in a timely manner, the delinquent party shall be liable for the amount of that payment, plus interest at a rate equal to 10% per annum. (b) A contractor or subcontractor who is not paid as required by this Act…
815 ILCS 603/20
Retainage
Retainage. No construction contract may permit the withholding of retainage from any payment in excess of the amounts permitted in this Section. A construction contract may provide for the withholding of retainage of up to 10% of any payment made prior to the completion of 50% of the contract. When a contract is 50% co…
815 ILCS 603/99
Effective date
Effective date. This Act shall take effect upon becoming law. (Source: P.A. 95-567, eff. 8-31-07.)