Vermont § 4002 - Owner’s payment obligations
Full text of Vermont Vermont Statutes Online § 4002 — Owner’s payment obligations, with citation guidance and answers to common questions.
§ 4002. Owner’s payment obligations
- (a) The owner shall pay the contractor strictly in accordance with the terms of the construction
contract. (b) In the event that the construction contract does not contain a term governing the
terms of payment, the contractor shall be entitled to invoice the owner for progress
payments at the end of the billing period. The contractor shall be entitled to submit
a final invoice for payment in full upon completion of the agreed-upon work. (c) Except as otherwise agreed, payment of interim and final invoices shall be due from
the owner 20 days after end of billing period or 20 days after delivery of invoice,
whichever is later. (d) Except as otherwise agreed, if any progress or final payment to a contractor is delayed
beyond the due date established in subsection (c) of this section, the owner shall
pay the contractor interest, beginning on the 21st day, at an interest rate equal
to that established by 12 V.S.A. § 2903(b), on such unpaid balance as may be due. (Added 1991, No. 74, § 1, eff. Jan. 1, 1992.)
Frequently Asked Questions About Vermont § 4002
What does Vermont Statutes Online § 4002 cover?
Section 4002 ("Owner’s payment obligations") is part of the Vermont Statutes Online, the codified statutory law of Vermont. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Vermont § 4002?
A common citation format is "Vermont Statutes Online § 4002" (Vermont). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Vermont law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Vermont official source linked on this page or consult a licensed Vermont attorney.
How does Vermont § 4002 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Vermont can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Vermont.