Lisa Andrzejewski

Lisa Andrzejewski

Robinson & Cole LLP

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NY Prompt Pay Act for Private Construction Caps Retainage at Five Percent

New York’s Prompt Pay Act, which sets the standards that govern private commercial construction contracts exceeding $150,000, was amended effective November 17, 2023. The Amendment known as Senate Bill 3539 provides two...more

12/7/2023  /  Amended Regulation , Construction Contracts , Construction Disputes , Construction Project , Contract Terms , New York , Non-Payment Clauses , Prompt Payment , Real Estate Development , Retainage
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