Posted by the Denver Business Journal, Jan 22nd, 2009:

A bill being considered by Colorado legislators would enforce schedules for payment to contractors for completed construction projects.

Senate Bill 95 – sponsored by Sen. Able Tapia, D-Pueblo, and Rep. Jim Riesberg, D-Greeley – would establish prompt payment in 30-day billing cycles upon submission of invoices to property owners, but would allow an alternative billing cycle of up to 75 days.

If passed, the bill could save many small construction companies from going out of business, said Michael Gifford, executive director of the Associated General Contractors of Colorado.

“This bill is common-sense way, in today’s tough economy, to keep Colorado construction companies healthy and growing,” Gifford said in a press release.

The bill has been assigned to the Senate State, Veterans and Military Affairs Committee for consideration.

Bill would enforce prompt payment of contractors |  Denver Business Journal