Sec. 1. 10 MRSA §1113, sub-§4, as enacted by PL 1993, c. 461, §1, is amended to read:

4. Delayed payments. Except as otherwise agreed, if any progress or final payment to a contractor is delayed beyond the due date established in subsection 3, the owner shall pay the contractor interest on any unpaid balance due beginning on the 21st day, at an interest rate equal to that specified in Title 14, section 1602-A, subsection 2.

Sec. 2. 10 MRSA §1114, sub-§4, as enacted by PL 1993, c. 461, §1, is amended to read:

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.

Sec. 3. 14 MRSA §1602, sub-§1, as amended by PL 2001, c. 471, Pt. D, §13, is repealed and the following enacted in its place:

1.__Prejudgment interest; rate; avoidance.__In all civil actions, except those actions involving a contract or note that contains a provision relating to interest, prejudgment interest must be assessed at a rate of 6%.__The Supreme Judicial Court may review the prejudgment interest rate no more than once per year and, if there has been a substantial change in market interest rates, may order a change in the prejudgment interest rate to accurately reflect the market rate.__If the Supreme Judicial Court orders a change in the prejudgment interest rate pursuant to this section, the rate must be roughly 60% of the rate set in section 1602-A.

Prejudgment interest accrues from the time of notice of claim setting forth under oath the cause of action, served personally or by registered or certified mail upon the defendant until the date on which an order of judgment is entered.__If no notice of claim has been given to the defendant, prejudgment interest accrues from the date on which the complaint is filed.__If the prevailing party at any time requests and obtains a continuance for a period in excess of 30 days, interest must be suspended for the duration of the continuance.__On petition of the nonprevailing party and on a showing of good cause, the trial court may order that interest awarded by this section be fully or partially waived.