Illinois Compiled Statutes 815 ILCS 603/15 – Interest; suspension of performance
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(a) If a payment due pursuant to the provisions of this Act is not made in a timely manner, the delinquent party shall be liable for the amount of that payment, plus interest at a rate equal to 10% per annum.
(b) A contractor or subcontractor who is not paid as required by this Act may, after providing 7 calendar days’ written notice to the party failing to make the required payment, suspend performance of a construction contract without penalty for breach of contract, until the payment required pursuant to this Act is made.
(c) The interest imposed by this Act shall not be duplicative of the interest charged under the Mechanics Lien Act.
(b) A contractor or subcontractor who is not paid as required by this Act may, after providing 7 calendar days’ written notice to the party failing to make the required payment, suspend performance of a construction contract without penalty for breach of contract, until the payment required pursuant to this Act is made.
Terms Used In Illinois Compiled Statutes 815 ILCS 603/15
- Contract: A legal written agreement that becomes binding when signed.
- Lien: A claim against real or personal property in satisfaction of a debt.
(c) The interest imposed by this Act shall not be duplicative of the interest charged under the Mechanics Lien Act.