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New York Amends “Prompt Payment Act” Capping Retainage at 5% on Private Construction Projects

Co-authored by Anthony J. Recchia Under a new law, effective November 17, 2023, an owner’s ability to withhold retainage on private construction projects in New York is now limited to five percent (5%).  The new law applies to private construction contracts with contract sums greater than $150,000.00.  This marks a significant change to the retainage […]

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