If the contractor is not paid in full within forty-five (45) calendar days from the first occurrence of one (1) of the above-mentioned events, then said final payment shall bear interest from the date of said first occurrence at the rate of one percent (1%) per month until fully paid.
In no event shall said final payment due the contractor be made until the consent of the contractor's surety has been obtained in writing and delivered to the proper contracting authority.
Structure Mississippi Code
Title 31 - Public Business, Bonds and Obligations
Chapter 5 - Public Works Contracts
§ 31-5-3. Bond for payment of taxes, licenses, etc.
§ 31-5-17. Resident labor used on public works
§ 31-5-19. Procedure if resident labor not available
§ 31-5-23. State products used in public works
§ 31-5-25. Time for full and final payment to contractors; exemptions; monthly submission by contractors of proof of payments to subcontractors
§ 31-5-27. Payment of interest on delinquent accounts
§ 31-5-29. Applicability of Sections 31-5-25, 31-5-27
§ 31-5-33. Amount of retainage which may be withheld; exemptions