Terms Used In Oregon Statutes > Chapter 701 > Retainage

• Contract: A legal written agreement that becomes binding when signed.
• Contractor: means any of the following:

  (a) A person that, for compensation or with the intent to sell, arranges or undertakes or offers to undertake or submits a bid to construct, alter, repair, add to, subtract from, improve, inspect, move, wreck or demolish, for another, a building, highway, road, railroad, excavation or other structure, project, development or improvement attached to real estate, or to do any part thereof. See Oregon Statutes 701.005

• Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
• Escrow: Money given to a third party to be held for payment until certain conditions are met.
• Home improvement: means a renovation, remodel, repair or alteration by a residential contractor to an existing owner-occupied:

  (A) Residence that is a site-built home;

  (B) Condominium, rental residential unit or other residential dwelling unit that is part of a larger structure, if the property interest in the unit is separate from the property interest in the larger structure;

  (C) Modular home constructed off-site;

  (D) Manufactured dwelling; or

  (E) Floating home, as defined in ORS § 830. See Oregon Statutes 701.005

• Lien: A claim against real or personal property in satisfaction of a debt.
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
• Person: includes individuals, corporations, associations, firms, partnerships, limited liability companies and joint stock companies. See Oregon Statutes 174.100
• United States: includes territories, outlying possessions and the District of Columbia. See Oregon Statutes 174.100