On December 19, 2025, Governor Kathy Hochul signed Senate Bill S5655 further amending New York’s Prompt Payment Act to render void any provision in a private construction contract exceeding $150,000 that requires retainage of more than 5% of the contract sum.[1]
Nicholas David
Nicholas is a construction partner in the firm’s New York office. He advises clients on the wide variety of issues arising from the ownership and development of real property and has extensive experience litigating complex construction, real estate, and general commercial disputes. Nick’s practice also includes the drafting and negotiating of construction agreements and other sophisticated real estate and development related documents.
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