Terms Used In Maine Revised Statutes Title 10 Sec. 1113

• Billing period: means the time period for payment agreed to by 2 parties or, in the absence of an agreement, the calendar month within which work is performed. See Maine Revised Statutes Title 10 Sec. 1111
• Construction contract: means any agreement, whether written or oral, to perform or to supply materials for work on any real property. See Maine Revised Statutes Title 10 Sec. 1111
• Contract: A legal written agreement that becomes binding when signed.
• Contractor: means a person or entity that contracts with an owner to perform work on real property. See Maine Revised Statutes Title 10 Sec. 1111
• Delivery: means receipt by addressee, including, but not limited to, by first class, registered or certified mail, or by hand delivery or transmitted by facsimile machine. See Maine Revised Statutes Title 10 Sec. 1111
• Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. ^{Source: OCC}
• Owner: includes successors in interest of the owner and agents of the owner acting within their authority. See Maine Revised Statutes Title 10 Sec. 1111
• Work: means to build, alter, repair or demolish any improvement on, connected with or beneath the surface of any real property, or to excavate, clear, grade, fill or landscape any real property, to construct driveways, private roadways, highways and bridges, drilled wells, septic systems, sewage systems or utilities, to furnish materials for any of those purposes or to perform labor upon real property. See Maine Revised Statutes Title 10 Sec. 1111