C.R.S. § 38-46-101: 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.