New Mexico Statutes 57-28-2. Definitions
As used in the Prompt Payment Act:
Terms Used In New Mexico Statutes 57-28-2
- Contract: A legal written agreement that becomes binding when signed.
- 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.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
A. “construction” means building, altering, repairing, installing or demolishing in the ordinary course of business any:
(1) road, highway, bridge, parking area or related project; (2) building, stadium or other structure;
(3) airport, subway or similar facility;
(4) park, trail, athletic field, golf course or similar facility; (5) dam, reservoir, canal, ditch or similar facility;
(6) sewage or water treatment facility, power generating plant, pump station, natural gas compression station or similar facility;
(7) sewage, water, gas or other pipeline; (8) transmission line;
(9) radio, television or other tower; (10) water, oil or other storage tank;
(11) shaft, tunnel or other mining appurtenance;
(12) electrical wiring, plumbing or plumbing fixture, gas piping, gas appliances or water conditions;
(13) air conditioning conduit, heating or other similar mechanical work; (14) leveling or clearing land;
(15) excavating earth;
(16) drilling wells of any type, including seismographic shot holes or core drilling; and
(17) similar work, structures or installations;
B. “contractor” means a person performing construction through a contract with an owner;
C. “owner” means a person, local public body or state agency other than the department of transportation;
D. “person” means an individual, corporation, business trust, estate, trust, partnership, limited liability company, association, joint venture or similar legal entity; and
E. “subcontractor” means a person performing construction for the owner not through a contract with the owner.