Voids provisions in construction contracts requiring retainage as expressly provided for by section seven hundred fifty-six-c of the general business law in an amount exceeding five percent of the contract sum.
Requires state contracts with construction firms reserve a percent of such contract to soft cost spending towards small businesses located near the construction site; defines what qualifies as soft cost spending.
Increases the interest rate for late payments due on construction contracts from one to two percent; includes a change order as part of the definition of construction contract; defines change order; repeals exceptions for lower Manhattan construction contracts.
Increases the interest rate for late payments due on construction contracts from one to two percent; includes a change order as part of the definition of construction contract; defines change order; repeals exceptions for lower Manhattan construction contracts.
Requires audits by the comptroller in the event of arrest or conviction of contractors of certain sections of law relating to theft and fraud.
Requires that public contracts be divided by size into large, medium, small and micro contracts for the purpose of increasing opportunities for small businesses, including minority-owned business enterprises and women-owned business enterprises, to participate in state contracts.
Retainage On Construction Contracts
Retainage Surety Bond Construction Contracts
Expands the small business mentoring program to include contracts for construction or related services.
Relates to establishing expanded construction mentorship opportunities for small business enterprises where there is privity of contract between a small business enterprise and a subcontractor or contractor working on an authority public works contract.