Any payment not made in accordance with this chapter accrues interest, from the date due until the date paid, at the rate of interest for delinquent payments provided in written contract or, if no interest rate is specified in a written contract, then one and one-half percent (1.5%) per month.
Tenn. Code Ann. § 66-34-601
Interest
Known as the Prompt Pay Act
The act spans §§ 66-34-101 to 66-34-704 (22 sections).
Applied in 1 court decision — leading case Eagle Supply & Manufacturing, L.P. v. Bechtel Jacobs Co. (2017)
Most recently applied in Eagle Supply & Manufacturing, L.P. v. Bechtel Jacobs Co. (August 2017)
Acts 1991, ch. 45, § 1; 2000, ch. 712, § 1; 2020, ch. 749, § 29.
Current official text: Tennessee Code (LexisNexis). Digitized from the UniCourt Code Improvement Commission public-domain capture. Reproduced from public-domain Tennessee statutes; confirm against the official source for the current text. Not legal advice.