As used in this article 46, unless the context otherwise requires: “Contract” means a contract to construct, alter, or repair a structure on or improvement on real property. “Contractor” means a person that is a party to a contract with a property owner. “Property owner” means a private person with an interest, including a leasehold […]
Except as provided in subsection (2) of this section, this article 46 applies to: A contract that: Has a price of at least one hundred fifty thousand dollars; and Is made between a property owner and a contractor; A subcontract to a contract described in subsection (1)(a) of this section, notwithstanding that the subcontract price […]
A property owner, contractor, or subcontractor shall not withhold as retainage more than five percent of the price of the work completed under the contract or subcontract. Making a partial payment under this subsection (1) is not acceptance or approval of some of the work or of a waiver of defects in the work. This […]
To receive payment under this article 46, the recipient of the payment must provide an executed lien waiver for amounts actually paid if required by the contract, subcontract, or supply agreement. Source: L. 2021: Entire article added, (HB 21-1167), ch. 146, p. 861, § 1, effective September 7.
