tag:blogger.com,1999:blog-7119721103267088747.post1162779829547205901..comments2023-08-18T07:07:12.494-04:00Comments on New York Mechanic's Lien: Lien Law Amendment Regarding Retainage Heads to Governor for SignatureVincent T. Pallaci, Esq.http://www.blogger.com/profile/03405905679113801806noreply@blogger.comBlogger1125tag:blogger.com,1999:blog-7119721103267088747.post-6700608608214005292012-06-04T14:13:17.706-04:002012-06-04T14:13:17.706-04:00Hi, Mr. Pallaci! I am a paralegal at a law firm i...Hi, Mr. Pallaci! I am a paralegal at a law firm in upstate New York. We have filed a mechanics lien for labor and materials on a multi-unit residential project which is now finished, but the surety company is telling us that they will pay off the lien, minus a 10% retainage fee. Is it proper for them to do this? If we agree, what security do we have that the retainage fee will be paid later? Thanks for your advice. Sincerely, Steve Cobbstevecobb12550https://www.blogger.com/profile/05531366307487518297noreply@blogger.com