A contractor asks a subcontractor to sign away its right to prompt payment interest at the time the subcontract is executed. Is that effective?
Correct Answer
C) No, the right may not be waived before a payment is due
Section 715.12(6)(d) provides that an obligee may not waive the right to receive interest before a payment is due under a covered contract, but may waive interest on a late payment on or after the date that payment is due. The timing of the waiver, not its form, is what decides.
Why This Is the Correct Answer
Section 715.12(6)(d) provides that an obligee may not waive the right to receive interest before a payment is due under a covered contract, but may waive interest on a late payment on or after the date that payment is due. The timing of the waiver, not its form, is what decides.
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