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Construction Contracts Retainage Prompt Payment

Holland & Knight LLP

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

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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

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

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

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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

Miller Nash LLP

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

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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

Burr & Forman

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

Burr & Forman 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

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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

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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

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