KRS 371.400: Definitions for KRS 371.400 to 371.425.

As used in KRS 371.400 to 371.425:

(1) "Construction" means the process of building, altering, repairing, improving, or

demolishing any structures or buildings, or other improvements of any kind to any

real property, but does not include processing equipment used for the process of

manufacturing or the routine maintenance of existing structures, buildings, or real

property;

(2) "Contract" means a contract or agreement concerning construction made and

entered into by and between a contracting entity and a contractor, a contractor and a

subcontractor, or a subcontractor and another subcontractor;

(3) "Contracting entity" means an owner of real property; a trustee or agent of an owner

of real property; or a public official, public authority, or other public entity

authorized to contract under the Kentucky Revised Statutes;

(4) "Contractor" means a person performing construction and having a contract with a

contracting entity;

(5) "Disputed amount" means to question in good faith the validity, either in whole or

part, of a request for payment asserted by any party;

(6) "Owner" means a person who holds an ownership interest in real property;

(7) "Person" means an individual, corporation, estate, trust, partnership, limited liability

company, association, joint venture, or any other legal entity;

(8) "Processing equipment" means equipment which uses physical or chemical methods

to increase the value of a raw material or product and is installed by the person

contractually responsible to the contracting entity for the design, purchase,

installation, and performance of that equipment;

(9) "Retainage" means money earned by a contractor or subcontractor but withheld to

ensure proper performance by the contractor or subcontractor and that shall be paid

upon completion of contractual obligations;

(10) "Subcontractor" means any person performing construction covered by a contract

between a contracting entity and a contractor who does not have a contract with the

contracting entity; and

(11) "Undisputed amount" means a good faith, valid, accurate, timely reques t for

payment which has been submitted to any entity owing money, that the recipient of

the request for payment has reviewed and agrees that the money is due and owing.