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Prompt Payment New Legislation Payment Terms

BCLP

HK Security of Payment Ordinance - New Rules Regarding Setting Aside and Enforcement of Adjudication Determinations

BCLP on

On 11 July 2025, the Hong Kong Government gazetted the Construction Industry Security of Payment Rules (“Rules”). The Rules, made by the Chief Judge of the High Court under section 50 of the Construction Industry...more

Venable LLP

New Law Sets Maximum Construction Contract Retainage at 5% in New York

Venable LLP on

On November 17, 2023, Governor Kathy Hochul signed a bill into law amending Sections 756-a and 756-c of the New York State Prompt Payment Act (N.Y. Gen. Bus. Law §756 (McKinney 2009)) governing restrictions on retainage and...more

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