News & Analysis as of

Construction Contracts Retainage

Lasher Holzapfel Sperry & Ebberson PLLC

Navigating Technical Terminology in Residential Construction Contracts

Residential construction contracts will often contain technical terms or jargon that leave many homeowners with uncertainty. Homeowners should be cautious of implicitly agreeing to language they do not understand when...more

DarrowEverett LLP

Capturing the Sun: State Prompt Payment Acts' Effects on Solar Construction

DarrowEverett LLP on

As the energy sector continues to expand, developers and contractors looking to expand their footprint are crossing state lines to construct energy projects. This is a good strategy for applying the same, successful...more

Cohen Seglias Pallas Greenhall & Furman PC

Don’t Get Caught Off Guard: Are Your Contracts and Construction Practices New York Compliant?

Recent updates to New York’s already complex construction laws require owners, developers, general contractors and subcontractors to revisit their construction contracts to ensure compliance with current New York law and...more

Miller Nash LLP

[Webinar] Construction Series—Retainage Options in Oregon & Washington - July 9th, 9:00 am - 10:30 am PT

Miller Nash LLP on

Oregon and Washington now allow contractors and subcontractors to avoid cash retainage by posting a surety bond with the owner, on both public and private/commercial construction projects. The process is similar in both...more

Holland & Knight LLP

New York Could Further Limit Retainage on Public and Private Construction Projects

Holland & Knight LLP on

Proposed bills in the New York State Assembly and Senate would prohibit the retention of any amount of payment due and owing for materials delivered and accepted for public and private construction projects. The identical...more

Bradley Arant Boult Cummings LLP

Mississippi Passes New Retainage Law Governing Private Construction Jobs

Construction contracts for private projects will soon be subject to a new retainage law in Mississippi. On April 19, 2024, Gov. Tate Reeves approved SB 2762 into law, and after July 1, 2024, most construction contracts on...more

Snell & Wilmer

Significant Changes to Retainage Law in Oregon Will Benefit Contractors and Require Review of Oregon Construction Contract Forms...

Snell & Wilmer on

Under HB 4006, which was effective on March 7, 2024, the Oregon legislature sought to improve retainage law in two ways. First, it allows general contractors and subcontractors to post a retainage surety bond to avoid having...more

Cozen O'Connor

New York Sets Maximum Construction Contract Retainage at 5% for Private Projects

Cozen O'Connor on

On November 17, 2023, Governor Kathy Hochul signed Senate Bill 3539, amending Section 756-a and Section 756-c of the New York General Business Law (more commonly referred to as the Prompt Payment Act) to set the maximum...more

Holland & Knight LLP

New York's 5 Percent Retainage Law Underscores Construction Contract Drafting

Holland & Knight LLP on

New York Gov. Kathy Hochul on Nov. 17, 2023, signed Senate Bill S3539 (Retainage Amendment), which amended Sections 756-a and 756-c of the New York General Business Law, commonly referred to as the Prompt Payment Act. The...more

Fox Rothschild LLP

New York Caps Retainage at 5% On Private Construction Projects, Permits Contractors to Submit Final Invoice Upon Substantial...

Fox Rothschild LLP on

New York has made changes to its Prompt Payment Act (N.Y. Gen. Bus. Law §756) Legislation, which Gov. Kathy Hochul signed into law on November 17, 2023, provides that: • retainage on private construction projects is capped...more

Robinson+Cole Construction Law Zone

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

Venable LLP

New Law Sets Maximum Construction Contract Retainage at 5% in New York

Venable LLP on

On November 17, 2023, Governor Kathy Hochul signed a bill into law amending Sections 756-a and 756-c of the New York State Prompt Payment Act (N.Y. Gen. Bus. Law §756 (McKinney 2009)) governing restrictions on retainage and...more

Cole Schotz

New York Amends Its Law on Withholding of Retainage and Final Invoicing on Private Construction Projects

Cole Schotz on

On November 17, 2023, Governor Hochul signed a bill placing significant restrictions on the amount of retainage that can be withheld from contractors and subcontractors, and permitting the earlier submission of final billing...more

Rivkin Radler LLP

Changes in NY Law Significantly Affect Retainage Withheld in Private Construction Contracts

Rivkin Radler LLP on

On Friday, November 17, 2023, Governor Hochul signed into law a bill which limits the retainage held on construction contracts for private improvements to 5% of the contract price from inception of the project – this applies...more

Miller Nash LLP

[Webinar] Retainage, Back Charges, and Withholdings—Law and Best Practices in Oregon & Washington - October 24th, 9:00 am - 10:30...

Miller Nash LLP on

No matter your tier in the construction contracting chain, understanding the nuanced rules and procedures about retainage, back charges, and other payment withholdings is critical to managing cash flow and protecting your...more

Bradley Arant Boult Cummings LLP

An Update and Refresher on Retainage

Depending on the state, retainage often provides an owner a security interest in unpaid funds to help cover completion costs or other damages that may later occur by withholding a certain portion (typically 5-10%) of contract...more

Porter Hedges LLP

Two Key Takeaways from the 35th Annual Construction Law Conference in Texas

Porter Hedges LLP on

Earlier this month, our firm was well-represented at the 35th Annual Construction Law Conference in San Antonio, Texas. As always, the conference presented great opportunities to visit with colleagues and other construction...more

Bradley Arant Boult Cummings LLP

Retainage – Pay Attention, Mistakes Can be Very Costly

Legislation about retainage has become common place as many states have adopted different limitations, requirements, and schemes. A recent case in Tennessee is a good reminder that you must pay attention to all of the...more

Cohen Seglias Pallas Greenhall & Furman PC

[Webinar] Payment Terms: A Trap for the Unwary - July 20th, 12:00 pm - 1:00 pm ET

As everyone in the construction industry knows, timely payment is essential. However, the payment process can be complicated, with unexpected issues throwing plans off course. In their second webinar of 2021, Cohen...more

Porter Hedges LLP

Statutory v. Contractual Retainage On Texas Private Projects And The Contractual Retainage Notice

Porter Hedges LLP on

Statutory Retainage- Texas law obligates construction owners to withhold 10% of the value of the work during the course of a project and for 30 days after final completion. This is generally known as statutory retainage....more

Bass, Berry & Sims PLC

Tennessee Enacts New Construction Legislation in 2020

Bass, Berry & Sims PLC on

The Tennessee Construction Industry Payment Protection Act was signed into law on June 22. The Act addresses or reallocates certain risks associated with non-payment on construction projects under Tennessee’s Prompt Pay Act...more

Bass, Berry & Sims PLC

Significant 2019 Tennessee Construction Decisions

Bass, Berry & Sims PLC on

This Construction Law Alert highlights some of the significant Tennessee state and federal decisions affecting the construction industry from the past year. Holdback Payments Are Not Retainage - Tennessee’s Prompt Pay...more

Buckingham, Doolittle & Burroughs, LLC

Dear YouDig? Unfair retainage

Dear YouDig?, We are finishing up a contract to start a piece of a big project. The owner is pushing for a 10 percent retainer of all of our payments. It does not seem fair as most of our costs are front loaded and most of...more

Buchalter

Payment of Retainage with “conditions attached” Deemed Non-Payment

Buchalter on

Given the amount of leftover Halloween candy in our house, you bet that I can make some deals with my kiddos: “If you do this, I will give you some candy” … or … “If you don’t stop doing this … I won’t give you any candy.”...more

Amundsen Davis LLC

New Illinois Law Impacts Retainage For Contractors

Amundsen Davis LLC on

The Illinois legislature recently passed a law modifying the Contractor Prompt Payment Act, impacting retainage on all private projects (except residential projects involving twelve units or less). The law sets the ceiling...more

35 Results
 / 
View per page
Page: of 2

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:
*By using the service, you signify your acceptance of JD Supra's Privacy Policy.
- hide
- hide