In this article, Daniel Adams discusses the new legislation and specifics of the Substantial Completion Bill.

Snippet from the article:

New York continues to provide legislation designed to speed up payment to contractors. Following on the heels of Prompt Pay Act, (albeit eleven years later) Governor Cuomo signed into law the “Substantial Completion” act on December 19, 2020.

The law provides support to contractors who find themselves at the mercy of public owners who unreasonably delay issuing a certificate of substantial completion. Taking the determination of when a project is substantially complete out of the control of a public entity whose interests may be at odds with a contractor or subcontractor, will presumably result in a quicker release of retainage on public works contracts. Hopefully, the players in the construction industry and the courts when necessary, will remember the stated purpose of the legislation, which is to streamline completion and final payment on public projects.

Read the full article here.

Daniel Adams is a founding partner of Adams Leclair.