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Construction Project Retainage Final Payments

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

Harris Beach PLLC

New York Changes Law on Retainage Payments for Private Development Projects

Harris Beach PLLC on

A newly-enacted amendment to the New York General Business Law is designed to reduce delays in final payments to contractors, limit the amount of the contract sum (“retainage”) that can be withheld by and revises the...more

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