2017 Tennessee Code
Title 12 - Public Property, Printing and Contracts
Chapter 4 - Public Contracts
Part 7 - Prompt Pay Act of 1985
§ 12-4-704. Interest.

Universal Citation: TN Code § 12-4-704 (2017)
  • (a) Interest shall accrue and be charged on payments overdue under § 12-4-703 at one and one-half percent (11/2%) per month beginning on the day after payment is due.
  • (b) Interest which is unpaid at the end of each sixty-day period or at the end of any specified period provided by contract shall be added to the principal amount of the debt and shall thereafter accumulate interest.
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