The phrase "owed contractors" means that someone or a company has not paid the money they owe to the people they hired to do work or provide services for them. Full definition
The NPP's promise to pay all arrears owed contractors in 100 days, pay all customers of DKM, reduce corporate tax from 25 % to 20 %, reduce import duties on raw materials and machinery for production, reduce drivers» insurance levies and cost of driver's license; and instant reduction of electricity tariffs and transport fares were all not captured in the budget. (ghanapoliticsonline.com)
A source said there could potentially be more and the layoffs are happening because New York State owes contractors and subcontractors on the project in the neighborhood of $ 75,000,000. (spectrumlocalnews.com)
«But the insured is paying an extra premium for the replacement cost coverage and, therefore, the insurance company owes the contractor O&P to the policyholder whether they make a replacement or not.» (insure.com)