News & Analysis as of

Construction Contracts Retainage Contractors

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

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

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

Smith Gambrell Russell

New Law Reduces Retainage of Georgia Public Construction Projects

Smith Gambrell Russell on

One of the bills of interest to construction professions in the 2021-2022 session of the Georgia General Assembly, Senate Bill 438, recently passed and alters how much retainage is withheld on public construction projects. ...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

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

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

Seyfarth Shaw LLP

Illinois Expands Protections Under the Contractor Prompt Payment Act by Imposing New Restrictions on Retainage

Seyfarth Shaw LLP on

The Illinois Contractor Prompt Payment Act, 815 ILCS 603/1, et seq. (the “Act”) was first enacted in 2007 and designed to safeguard contractors and subcontractors on private projects by providing a mechanism to expedite...more

Saul Ewing LLP

Illinois’ New Retainage Law

Saul Ewing LLP on

Effective August 20, 2019, Illinois law provides that a maximum of 10 percent retainage may be withheld from payments under private construction contracts and, after the contract is one-half complete, retainage must be...more

Dickinson Wright

Avoiding the Tennessee Retainage Requirements

Dickinson Wright on

In Vic Davis Construction, Inc. v. Lauren Engineers & Constructors, Inc., the Tennessee Court of Appeals approved a contractor’s use of closeout costs to “holdback” 5% of the contract price without complying with the...more

Faegre Drinker Biddle & Reath LLP

Minnesota Rewrites Construction Rules for Prompt Payment and Retainage

Minnesota has modified its prompt payment and retainage statute (Minn. Stat. 337.10). These revisions mean that many owners, contractors and subcontractors will have to revise the payment provisions of their construction...more

Snell & Wilmer

Final Acceptance Under Utah’s Retainage Law: It’s Not Over Until It’s Over

Snell & Wilmer on

Property owners seeking to insulate themselves from some of the inherent risks associated with construction projects often turn to retainage provisions to reallocate very specific risks—the risks of delay, defective...more

McCarter & English, LLP

New retainage law goes into effect November 6

Massachusetts enacted a new retainage law that will require owners, prime contractors and subcontractors to pay retainage according to the law’s terms on a construction contract if... ...more

15 Results
 / 
View per page
Page: of 1

"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