§ 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:
   1. A contract or subcontract price retained from a contractor or subcontractor as assurance that the contract or subcontract will be satisfactorily completed; or
   2. 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. 1. “Subcontract” means an agreement:
      1. To perform a portion of the work required by a contract; and
      2. To furnish or perform on-site labor, with or without furnishing materials.
   2. 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.

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