N.Y. Prompt Pay Act For Construction Contractors
In 2002, the New York Legislature passed the Prompt Pay Act1, whose stated purpose is to promote timely payment to construction industry contractors and subcontractors.2 The Prompt Pay Act applies to "all contracts exceeding $150,000 to construct, reconstruct, alter, maintain, move or demolish any building, structure or improvement, or otherwise excavate, develop or improve land within New York."3 The Prompt Pay Act, when read together with the New YorkLien Law, facilitates prompt payment to contractors. The Act's legislative purpose is [...]