Changes to NY Retainage Law Will Impact Standard Market Practices and May Affect Property Owner Leverage
In November 2023, New York Governor Kathy Hochul signed SB 3539 into law, amending certain parts of Section 756 of the New York General Business Law, commonly known as the Prompt Payment Act (the “Act”). Among other provisions, the Act now significantly restricts the amounts owners can hold back from payments to contractors for services…