Illinois Compiled Statutes 815 ILCS 603/5 – Definitions
Current as of: 2024 | Check for updates
|
Other versions
In this Act:
(a) “Payment application” means, in accordance with the terms and definitions of the applicable contract, any invoice, bill or other request for periodic payment, final payment, payment of change order or request for release of retainage from the contractor to the owner.
(b) “Construction contract” means a contract or subcontract, entered into after the effective date of this Act, for the design, construction, alteration, improvement, or repair of Illinois real property, except for contracts that require the expenditure of public funds and contracts for the design, construction, alteration, improvement, or repair of single family residences or multiple family residences with 12 or fewer units in a single building.
(c) “Contractor” and “subcontractor” shall have the meanings ascribed to them by the Illinois Mechanics Lien Act and cases decided under that Act.
(a) “Payment application” means, in accordance with the terms and definitions of the applicable contract, any invoice, bill or other request for periodic payment, final payment, payment of change order or request for release of retainage from the contractor to the owner.
Terms Used In Illinois Compiled Statutes 815 ILCS 603/5
- Contract: A legal written agreement that becomes binding when signed.
- Lien: A claim against real or personal property in satisfaction of a debt.
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
(b) “Construction contract” means a contract or subcontract, entered into after the effective date of this Act, for the design, construction, alteration, improvement, or repair of Illinois real property, except for contracts that require the expenditure of public funds and contracts for the design, construction, alteration, improvement, or repair of single family residences or multiple family residences with 12 or fewer units in a single building.
(c) “Contractor” and “subcontractor” shall have the meanings ascribed to them by the Illinois Mechanics Lien Act and cases decided under that Act.