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

1. (1) Contract means a contract to construct, alter, or repair a structure on or improvement on real property.
2. (2) Contractor means a person that is a party to a contract with a property owner.
3. (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. (4) Retainage means a percentage of:

   1. (a) A contract or subcontract price retained from a contractor or subcontractor as assurance that the contract or subcontract will be satisfactorily completed; or
   2. (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. (5)

   1. (a) Subcontract means an agreement:

      1. (I) To perform a portion of the work required by a contract; and
      2. (II) To furnish or perform on-site labor, with or without furnishing materials.
   2. (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. (6) Subcontractor means a person that enters into a subcontract with a contractor, a subcontractor, or a subsequent subcontractor.
7. (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. (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.