Amends GS 22C-1 by adding that the purpose of GS Chapter 22C is to increase protections applicable to payments to subcontractors, including declaring clauses of contracts attempting to shift the risk of failure to pay to another by making payment to the other contingent on receipt of payment, such as a pay if paid clause or a pay when paid clause, against the public policy of the State and unenforceable. Makes organizational changes.

Amends GS 22C-3 by adding that when a subcontractor has performed in accordance with the provisions of his contract, unless required earlier under the statute, the contractor is required to pay his subcontractor and each subcontractor must pay his subcontractor, within 30 days of receipt of billing from the payee to the payor, the full amount billed for such subcontractor's work and materials based on work completed or service provided. Voids a contractual provision postponing payment for more than 30 days after performance in accordance with the provisions of the contract and billing.

Amends GS 22C-5 by making conforming changes. Also requires that interest on late payments begin on the first day (was, eighth day) after the maximum time period.