The standard construction contract with the City of New York contains a number of provisions that allow the city to retain a portion of payments on a project.
The typical retainage “holdback,” where the city retains 5 percent - 10 percent of the value of the work certified for payment in each partial payment voucher until the substantial completion of the work, is unavoidable from a contractor’s standpoint.
However, with careful planning and quick response, the impact of most other of the city’s contractual “holdbacks” can be minimized or even avoided entirely.
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