2023 5% Cap Amendment In 2023 Governor Hochul signed into law an amendment to Section 756-c of the New York General Business Law, a section of New York’s Prompt Payment Act, capping the amount of retainage at 5% that may be withheld on a private construction contract of $150,000 or more. While the intention of the legislation was to get contractors and subcontracts paid sooner, the amendment left a glaring loophole that allowed contracting parties to avoid the 5% cap…
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The Daily Record: No-Contest Clauses in New York: Enforceable but Not Absolute
When family disputes arise after a loved one’s death, estate litigation often follows. Many New York wills contain “no-contest” clauses, also known as in terrorem clauses. These provisions generally require…
