As if New York co-op and condo communities weren’t under enough pressure from sluggish sales, high interest rates, and the ever-increasing volume of work required to comply with environmental requirements like Local Law 97, Governor Kathy Hochul signed a bill into law on November 17 amending Sections 756-a and 756-c of the New York State Prompt Payment Act. This law governs restrictions on retainage and invoicing of final payment by contractors in construction contracts.   Read the article……………………………..