§ 38-46-101 — Definitions

As used in this article 46, unless the context
otherwise requires:

(1) Contract means a contract to construct, alter, or repair a structure on or
improvement on real property.

(2) Contractor means a person that is a party to a contract with a property
owner.

(3) Property owner means a private person with an interest, including a
leasehold interest, in real property or in a real property fixture that has entered into
a contract with a contractor.

(4) Retainage means a percentage of:

(a) A contract or subcontract price retained from a contractor or
subcontractor as assurance that the contract or subcontract will be satisfactorily
completed; or

(b) A supply agreement price as assurance that the goods, materials, or
equipment meets the specifications necessary for satisfactory performance of a
contract or subcontract.

(5) (a) Subcontract means an agreement:

(I) To perform a portion of the work required by a contract; and

(II) To furnish or perform on-site labor, with or without furnishing materials.

(b) To be a subcontract, an agreement need not be made directly with a
contractor; the agreement may be made with a subcontractor or a subsequent
subcontractor.

(6) Subcontractor means a person that enters into a subcontract with a
contractor, a subcontractor, or a subsequent subcontractor.

(7) Subsequent subcontractor includes a person who has signed a
subcontract with a sub-subcontractor, a sub-sub-subcontractor, or any additional
level of subcontractor.

(8) Supply agreement means an agreement to provide materials, goods, or
equipment to a contractor or subcontractor.

Legislative History

Source: L. 2021: Entire article added, (HB 21-1167), ch. 146, p. 859, � 1, effective September 7.