News & Analysis as of

Construction Project Amended Legislation Retainage

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

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

2 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