Kentucky Account Stated for Construction Work is a legal concept that encompasses the process of establishing an agreed-upon account between parties involved in a construction project. It serves as a means for contractors, subcontractors, suppliers, and property owners in Kentucky to ensure fair and accurate payment for work performed or materials provided. In construction projects, it is common for agreements to be made orally or through written contracts. However, disputes may sometimes arise over compensation, leading to delays and financial setbacks. The purpose of a Kentucky Account Stated for Construction Work is to bring clarity and certainty to these payment disputes. To initiate an Account Stated for Construction Work in Kentucky, the involved parties should agree to an itemized account statement. This statement outlines the labor, services, or materials provided, along with their corresponding costs. Once the account statement is prepared, it should be agreed upon, either explicitly or implicitly, by all parties involved. By accepting or not disputing the account statement, the parties establish an account stated, indicating their acknowledgment of the accuracy and completeness of the statement's contents. This agreement binds the parties to the stated account and serves as the basis for future payments. There are different types of Kentucky Account Stated for Construction Work that can arise in various construction scenarios: 1. Contractor Account Stated: This type occurs between the general contractor and the property owner. It outlines all the work performed by the contractor, including labor costs, materials, and subcontractor expenses. 2. Subcontractor Account Stated: In cases where subcontractors are involved, they may also establish an account stated with the general contractor. This type of account stated focuses on the work performed by the subcontractor and the associated costs. 3. Supplier Account Stated: Suppliers of construction materials or equipment can also utilize an account stated to ensure proper payment. This document outlines the quantity, quality, and price of the materials supplied for the construction project. Overall, Kentucky Account Stated for Construction Work provides a mechanism for all parties involved to establish a clear and agreed-upon account, reducing payment disputes and ensuring fair compensation. It is essential for construction professionals to understand their rights and obligations concerning account stated to minimize financial risks and maintain healthy working relationships.
Kentucky 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.