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Construction Contracts Retainage New York

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

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

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

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

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