Close-up of construction contract and blueprint. .. 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 private improvement construction projects. As a result of these amendments, close attention must be paid to contract terms and conditions during contract preparation, review or negotiation.
January 18, 2024 at 10:00 AM
5 minute read
Construction
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 private improvement construction projects.
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