On June 30, the Supreme Court of Tennessee issued an opinion interpreting the retainage provisions in Tennessee’s Prompt Pay Act (the Act). The opinion has significant implications for construction projects across Tennessee....more
7/30/2021
/ Civil Monetary Penalty ,
Construction Industry ,
Construction Project ,
Contractors ,
Escrow Accounts ,
Prompt Payment ,
Retainage ,
Statutory Penalties ,
Subcontractors ,
Third-Party ,
TN Supreme Court
The Tennessee Construction Industry Payment Protection Act was signed into law on June 22. The Act addresses or reallocates certain risks associated with non-payment on construction projects under Tennessee’s Prompt Pay Act...more
7/29/2020
/ Construction Contracts ,
Construction Industry ,
Contract Terms ,
Contractors ,
Injunctive Relief ,
Late Payments ,
Limitation of Liability Clause ,
New Legislation ,
Payment Terms ,
Property Owners ,
Retainage ,
State and Local Government ,
Statute of Repose ,
Subordination Agreement