Section 5.10 Interest Penalty Against State

• Library: Construction Law 2016 Supp

7. (§5.10) Interest Penalty Against State

The interest penalty for a late payment under the MPPA is much less confusing than the fluctuating interest rate provided under the FPPA. Specifically, if the public owner, in bad faith, fails to remit payment within the 30-day time limit discussed in §5.5 above, the Missouri law automatically imposes an interest penalty that accrues at the rate of one and one-half percent per month from the end of the 30-day period until payment is fully made. Section 34.057.5...