Section 29-3-111 - Claim against contractor submitted to owner; reduction of subsequent payments to contractor by owner; duty of owner to notify contractor and of contractor to dispute or adjust claim(a) Every person performing any work or furnishing any material, as specified in this chapter, under contract whose demand to be reimbursed for the work done or material furnished has not been paid shall serve the owner by certified mail return receipt requested, with an account signed before a notarial officer of the amount and value of the work performed or the material furnished remaining unpaid. Thereafter the owner or his agent shall retain out of any subsequent payments to the contractors the value of the work performed or material furnished for the person making the claim. (b) When notice is served on the owner according to subsection (a) of this section he shall immediately furnish the contractor with a copy of the notice. (c) Within ten (10) days of receipt of the notice required by this section the contractor shall give the owner affirmative written notice of: (i) His intent to dispute the claim; or (ii) His intent the claim should be settled as filed. (d) If within ten (10) days after receiving notice the contractor takes no action he shall be presumed to have agreed to the validity of the claim. The owner is then authorized to withhold enough of all subsequent payments to be made to the contractor to pay all claims as they come due.