Prohibits retention of payment for materials delivered and accepted in public or private construction projects.

The bill amends the state finance law, general municipal law, and general business law to prohibit the retention of any payment due and owing for materials delivered and accepted in public or private construction projects. It mandates that public owners must pay in full for materials delivered and accepted, provided they are covered by a manufacturer's warranty or meet industry standards. The bill also stipulates that contractors must pay subcontractors and materialmen within seven days of receiving payment from the public owner.

Prohibits retention of payment for materials delivered and accepted in public or private construction projects.

The bill amends the state finance law, general municipal law, and general business law to prohibit the retention of any payment due and owing for materials delivered and accepted in public or private construction projects. It mandates that public owners must pay in full for materials delivered and accepted, provided they are covered by a manufacturer's warranty or meet industry standards. The bill also stipulates that contractors must pay subcontractors and materialmen within seven days of receiving payment from the public owner.