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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Adams Leclair Welcomes Besar Thaci Who Brings a Global Perspective To His High-Stakes Litigation Background
Adams Leclair LLP is pleased to welcome Besar Thaci to the firm’s experienced litigation team. With over eight years of experience representing clients across New York State and Federal Courts,…