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.