Kentucky Account Stated for Construction Work
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How to fill out Account Stated For Construction Work?
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FAQ
In 2007, the Fairness in Construction Act (KFCA) revolutionized construction law in Kentucky. First, the KFCA voids some common provisions in construction contracts. Second, it creates new regulations to govern when and how parties to construction contracts pay one another.
NINETY DAYS BEFORE YOU FILE YOUR LAWSUIT OR OTHER ACTION, YOU MUST SERVE ON THE CONTRACTOR A WRITTEN NOTICE OF ANY CONSTRUCTION CONDITIONS YOU ALLEGE ARE DEFECTIVE. UNDER THE LAW, A CONTRACTOR HAS THE OPPORTUNITY TO MAKE AN OFFER TO REPAIR AND/OR PAY FOR THE DEFECTS.
The Kentucky retainage statutes under the Kentucky Fairness in Construction Act, apply to both private and public projects; with the exception of residential projects and public utility projects. The amount of retainage that may be withheld cannot exceed 10% of any undisputed payments due.
§ 413.135 7 years 1 year An action to recover damages arising out of any deficiency in construction components, design, planning, supervision, inspection, or construction of any improvement to real property, or for any injury to personal or real property, must be brought within seven years following substantial ...
The Act invalidates certain construction contract provisions, specifically: waiver or release of the right to litigate, waiver of the right to delay damages against the owner, and waiver of the right to file a mechanic's lien.