Section 8-29-1 Definitions. For the purpose of this chapter, the following words have the following meanings: (1) CONTRACTOR. Any person, individual, firm, corporation, partnership, or other legal entity who contracts with an owner to improve real property or perform construction services for an owner. (2) IMPROVE. To build, effect, alter, repair, or demolish any improvements […]
Section 8-29-2 Performance in accordance with contract entitles contractor or subcontractor to payment. Performance by a contractor, subcontractor, or sub-subcontractor in accordance with the provisions of his or her contract entitles them to payment from the party with whom they contract. All contracts between parties require a date of payment. (Acts 1995, No. 95-380, p. […]
Section 8-29-3 Timely payments to contractors and subcontractors; noncompliance with chapter; percentage of retainage on payments. (a) When a contractor has performed pursuant to his or her contract and submits an application or pay request for payment or an invoice for materials, to the owner or owner’s representative, the owner shall timely pay the contractor […]
Section 8-29-4 Withholding application and certification for payment; withholding payment; notice. (a) Nothing in this chapter shall prevent the owner, contractor, or subcontractor from withholding application and certification for payment for any of the following reasons if there is a bona fide dispute over one or more of the following: (1) Unsatisfactory job progress. (2) […]
Section 8-29-5 Waiver of right to receive interest. A party may not waive the right to receive interest before a payment is due under a contract subject to this section. A party may waive the interest due on any late payment on or after the date the payment is due under Section 8-29-3. (Acts 1995, […]
Section 8-29-6 Civil action. A contractor, subcontractor, or sub-subcontractor may file a civil action solely against the party contractually obligated for the payment of the amount claimed to recover the amount due plus the interest accrued in accordance with this chapter. If the court finds in the civil action that the owner, contractor, or subcontractor […]
Section 8-29-7 Exemptions from chapter. This chapter does not apply to the following: (1) Residential homebuilders. (2) Improvements to real property intended for residential purposes which consist of 16 or fewer residential units. (3) Contracts, subcontracts, or sub-subcontracts in the amount of ten thousand dollars ($10,000) or less. (4) Contracts with the state or local […]
Section 8-29-8 No amendment of existing laws; not applicable in certain civil actions. This chapter does not amend or modify existing laws relating to mechanics and materialmen liens and shall not be applicable in civil actions pursuant to Title 35, Chapter 11, Division 8. (Acts 1995, No. 95-380, p. 775, §8.)
