Increases the interest rate for late payments on construction contracts from one to two percent.

This bill amends the general business law to increase the interest rate for late payments on construction contracts from one to two percent. It also includes a change order as part of the definition of construction contract and defines change order. The bill repeals exceptions for lower Manhattan construction contracts. The changes apply to all construction contracts and change orders entered into on and after the effective date of the act.

Increases the interest rate for late payments on construction contracts from one to two percent.

This bill amends the general business law to increase the interest rate for late payments on construction contracts from one to two percent. It also includes a change order as part of the definition of construction contract and defines change order. The bill repeals exceptions for lower Manhattan construction contracts. The changes apply to all construction contracts and change orders entered into on and after the effective date of the act.