NY S07664

Redefines "substantial completion" in construction contracts to mean the state when work is sufficiently complete for the public owner to occupy or utilize the project for its intended use, replacing the previous "are substantially completed" language.

Requires public owners to submit a written list of all remaining items to be completed within 45 business days after substantial completion, with contractors required to forward this list to subcontractors within 7 calendar days.

Establishes different substantial completion standards for school districts and boards of cooperative educational services, defined as the date of the architect or engineer's partial or final certificate when construction is code compliant and substantially complete.

Maintains retention limits of 5% of each progress payment, or up to 10% if no performance and labor/material bonds are required, and requires payment of remaining contract balance minus twice the value of incomplete items upon substantial completion.

Applies to all construction contracts entered into on or after the effective date of the act and establishes payment timelines of 30 days (or 45 days for municipalities requiring elected official approval) for public owners other than New York City.