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. (2.5) "Like bond" means a retainage bond submitted by a subcontractor to a contractor or subcontractor that is substantially equivalent to the retainage bond submitted by the contractor or subcontractor to the property owner or contractor. (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: (a) A contract or subcontract price retained from a contractor or subcontractor as assurance that the contract or subcontract will be satisfactorily completed; or (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. (4.5) "Retainage bond" means a surety bond that is issued by an insurer licensed to issue the bond in Colorado as assurance for the person accepting the bond that: (a) A contract or subcontract will be satisfactorily completed; or (b) The goods, materials, or equipment meets the specifications necessary for satisfactory performance of a contract or subcontract. (5) (a) "Subcontract" means an agreement: (I) To perform a portion of the work required by a contract; and (II) To furnish or perform on-site labor, with or without furnishing materials. (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) "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.