Am. H. B. No. 288 amends section 4113.61 of the Revised Code to implement stricter payment timelines for contractors involved in private construction projects in Ohio. The bill requires private owners to pay contractors within thirty days of receiving a written request for payment for certified work or materials supplied. If a private owner fails to make timely payments, they will incur an interest penalty of eighteen percent per annum on the overdue amount. Additionally, contractors are mandated to pay subcontractors and material suppliers within ten days of receiving payment from the owner, and the bill includes provisions for retainage payments and penalties for late payments.

The legislation introduces new definitions and clarifications related to construction and contracting, including terms such as "lower tier subcontractor," "private owner," and "wages due." It also repeals the existing section 4113.61, signifying a substantial overhaul of the legal framework governing construction and contracting in Ohio. Certain agreements related to oil and gas exploration are exempt from these payment requirements, and any contractual terms that waive the right to interest or attorney fees are deemed void. The new provisions will take effect six months after the bill's effective date, providing stakeholders time to adapt to the changes. Overall, the bill aims to enhance clarity and accountability within the construction industry.

Statutes affected:
As Introduced: 4113.61
As Reported By House Committee: 4113.61