NY S02924

Requires public owners or contractors to release retainage held for subcontractor work within 60 days of completion and acceptance by the public owner, except for amounts needed to satisfy claims, liens, judgments, or unfinished punch list items.

Maintains existing requirement that contractors pay subcontractors within seven calendar days of receiving payment from the public owner, with interest accruing at the rate established in General Business Law section 756-b if payment is delayed.

Limits contractor retainage to five percent of each payment to subcontractors and materialmen, or up to ten percent if the subcontractor cannot provide performance and labor/material bonds.

Voids any subcontract clause making payment contingent upon the owner paying the contractor if the contractor fails to submit a requisition for remaining contract balance within 90 days of substantial completion.

Takes effect immediately and applies to all contracts entered into on or after the effective date.