Navigating Ohio's Prompt Pay Statute

Ohio’s Prompt Pay Statute (O.R.C. § 4113.61) provides substantial incentives for general contractors and higher-tier subcontractors to pay their subcontractors, materialmen, and laborers in a timely manner. The statute provides for strict payment time limits and severe penalties for untimely payments. Depending upon your role in the project, failing to understand the statute and how it applies to you can either cause you to lose leverage in payment negotiations, or subject you to monetary penalties well beyond the amount that may be in dispute.

Click here to read the rest of the article as we cover some of the basic obligations imposed by Ohio's Prompt Statute that should always be at the forefront of your mind, from contracting through project closeout.