Law

New York State Legislation Limiting Withholding of Retainage on Private Construction Projects: What Does It Mean for Your Contracts?

On Nov. 17, 2023, Governor Kathy Hochul signed legislation amending New York's General Business Law Sections 756-a and 756-c, known as the Prompt Payment Act, to limit the withholding of retainage on ...
The Business Journals

Restraining retainage: Drilling down into New York’s 5% retainage law and its impact on your project

To continue reading this content, please enable JavaScript in your browser settings and refresh this page. In the world of construction, retainage is a portion of ...
For Construction Pros

The Trend Toward Bright-Line Protections: State-by-State Updates Strengthen Prompt Payment Laws in the Construction Industry

Prompt payment statutes have long served as the backbone of financial fairness and predictability in the construction industry. Designed to ensure that those who perform work and furnish materials are ...