Anthony Riverso

Anthony Riverso

Cozen O'Connor

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

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

1/11/2024  /  Amended Legislation , Construction Contracts , Construction Industry , Construction Project , Contractors , New York , Retainage , Subcontractors
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