(1) No action to recover damages, whether based upon contract or sounding in tort, resulting from or arising out of any deficiency in the construction components, design, planning, supervision, inspection, or construction of any improvement to real property, or for any injury to property, either real or personal, arising out of such deficiency, or for injury to the person or for wrongful death arising out of any such deficiency, shall be brought against any person after the expiration of seven (7) years following the substantial completion of such improvement.
(2) Notwithstanding the provisions of subsection (1) of this section, in the case of such an injury to property or the person or wrongful death resulting from such injury, which injury occurred during the seventh year following substantial completion of such improvement, an action to recover damages for such injury or wrongful death may only be brought within one (1) year from the date upon which such injury occurred (irrespective of the date of death), but in no event may such an action be brought more than eight (8) years after the substantial completion of construction of such improvement.
(3) Nothing in this section shall be construed as extending the period prescribed by statute for the bringing of any action for damages.
(4) As used in this section, the term “person” shall mean an individual, corporation, partnership, business trust, unincorporated association, or joint stock company; the term “substantial completion” shall be construed to mean the date upon which the owner of the structure, project, or facility first entered upon the occupancy or commenced the use thereof.
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