§ 66-34-201. Prime Contractor Entitled to Payment From Owner

Performance by a prime contractor in accordance with a written contract with an owner for improvement of real property entitles the prime contractor to payment from the owner.

§ 66-34-202. Application for Payment for Work — Payment According to Schedule for Payments — Review of Application by Owner’s Agent

If a prime contractor has performed in accordance with the prime contractor’s written contract with the owner, then the owner shall pay to the prime contractor the full amount earned by the prime contractor, less only those amounts withheld in accordance with § 66-34-203. The payment must be made in accordance with the schedule for […]

§ 66-34-203. Withholding of Payment or Retainage by Owner

This chapter does not prevent the owner from reasonably withholding payment or a portion of a payment to the prime contractor, as long as the withholding is in accordance with the written contract between the owner and the prime contractor. The owner may also withhold a reasonable amount of retainage as specified in the written […]

§ 66-34-204. Payment of Retainage by Owner

When an owner: Has received a use and/or occupancy permit for an improvement from a governmental agency lawfully issuing such permit; Has received a certificate of substantial completion  from an architect or engineer charged with supervision of the construction of an improvement; or Begins to use or could have begun to use an improvement; the […]

§ 66-34-205. Sums Intended as Payment to Be Held in Trust

Any sums allocated by the owner or provided or committed to the owner by a third party that are intended to be used as payment for improvements made to real property by virtue of a written contract between the owner and the prime contractor must be held by the owner or third party in trust […]