New York
For New York, public project retainage cap (%) is 5%; private project retainage cap (%) is 5%; release deadline is 30 days after final approval of the work; escrow required is no; milestone reduction is none, recorded from its source on 2026-08-17.
- State
- New York
- Public project retainage cap (%)
- 5%
- Private project retainage cap (%)
- 5%
- Release deadline
- 30 days after final approval of the work
- Escrow required
- no verified
- Milestone reduction
- none
- Statutory citation
- N.Y. Gen. Bus. Law § 756-C our reading
Values marked our reading are our classification of what the source says — the source does not print them in those words. The quote below is the evidence for each one; judge it yourself.
What the source says
By mutual agreement of the relevant parties an owner may retain no more than five per centum of the contract sum as retainage. A contractor or subcontractor may also retain no more than five per centum for retainage and in no case shall retainage exceed the actual percentage retained by the owner. Retainage shall be released by the owner to the contractor no later than thirty days after the final approval of the work under a construction contract.
— newyork.public.law, retrieved 2026-08-17
Source
- newyork.public.lawhttps://newyork.public.law/laws/n.y._general_business_law_section_756-c