2015 Tennessee Code
Title 66 - Property
Chapter 34 - Prompt Pay Act
Part 3 - Contractor/Subcontractor, Materialman or Furnisher Payment
§ 66-34-302 - Application for payment -- Interest.
(a) If a subcontractor, materialman, or furnisher has performed in accordance with the subcontractor, materialman, or furnisher's written contract with the contractor, then the contractor shall pay to the subcontractor, materialman or furnisher the full amount earned by the subcontractor, materialman or furnisher, subject only to any condition precedent for payment clause in the contract, and less only those amounts withheld in accordance with § 66-34-303. The payment shall be made in accordance with the schedule for payments established within the contract and within thirty (30) days after application for payment is timely submitted by the subcontractor, materialman, or furnisher to the contractor, in accordance with the schedule.
(b) The subcontractor, materialman, or furnisher shall also be paid its pro rata share of any interest provided for in § 66-34-601 that has been received by the contractor.
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