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| Sec. 2. 10 MRSA §1114, sub-§4, as enacted by PL 1993, c. 461, §1, is | | amended to read: |
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| | | 4. Delayed payments. Notwithstanding any contrary agreement, | | if any progress or final payment to a subcontractor or material | | supplier is delayed beyond the due date established in subsection | | 2 or 3, the contractor or subcontractor shall pay its | | subcontractor or material supplier interest on any unpaid balance | | due beginning on the next day, at an interest rate equal to that | specified in Title 14, section 1602-A, subsection 2 |
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| | | Sec. 3. 14 MRSA §1502-D, as amended by PL 1989, c. 360, is further | | amended to read: |
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| | | §1502-D. Taxing of costs; hearing |
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| | | The clerk shall set costs under section 1502-B and interest | under section 1602 | | record. The prevailing party or the prevailing party's attorney | | may submit a bill of costs for all other costs or interest to the | | court not later than 10 days after entry of judgment and serve | | copies on all parties who have appeared and may be required to | | pay these costs. Any party required to pay all or any part of | | these costs, except a party who is defaulted and has not | | appeared, may, within 10 days after the date of service, | | challenge any items of cost or interest and request review by the | | court. The prevailing party shall, within 10 days after a | | challenge, submit to the court any vouchers or other records | | verifying any challenged items of cost or interest. Either side | | may request oral argument and submit affidavits and briefs. An | | evidentiary hearing on the reasonableness of costs or interest | | will be held only when the judge determines that there exists a | | substantial need for the hearing and the amount of challenged | | costs or interest are substantial. If the presiding judge | | determines that the imposition of costs will cause a significant | | financial hardship to any party, the judge may waive all or part | | of the costs with respect to that party. |
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| | | Sec. 4. 14 MRSA §1602, as amended by PL 2001, c. 471, Pt. D, §13, | | is repealed. |
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| | | Sec. 5. 14 MRSA §1602-A, as amended by PL 2001, c. 471, Pt. D, §14, | | is repealed. |
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| | | Sec. 6. 14 MRSA §§1602-B and 1602-C are enacted to read: |
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| | | §1602-B.__Interest before judgment |
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