NY S06315

Amends payment terms for construction contracts by defining "substantial completion" as when a public owner can occupy or utilize the work for its intended use in accordance with contract terms, replacing the previous "substantially completed" language.

For school districts and boards of cooperative educational services, defines substantial completion as the date of a partial or final certificate of substantial completion certified by an architect or engineer when construction is code compliant and substantially complete.

Requires public owners to submit a written list of all remaining items to be completed within fourteen calendar days after a project reaches substantial completion, with contractors required to pass this list to subcontractors within seven days.

Establishes payment timelines of thirty days for most public owners and forty-five days for municipal corporations requiring elected official approval, with interest accruing on late payments at the overpayment rate set by the commissioner of taxation and finance.

Applies to all contracts entered into on or after the bill's effective date and amends both State Finance Law and General Municipal Law provisions governing public construction contracts.