Collin Texas Disbursement Statement Required by Contractor on Residential Construction Project - Mechanics Liens - Individual

State:
Texas
County:
Collin
Control #:
TX-016-09
Format:
Word; 
Rich Text
Instant download

Description

This Texas Mechanics Lien form is for use in collecting payment for work done. At the time the original contractor requests payment from the owner or the owner's lender for the construction of improvements under a residential construction contract, the original contractor shall provide to the owner a disbursement statement. The statement may include any information agreed to by the owner and the original contractor and must include at least the name and address of each person who subcontracted directly with the original contractor and who the original contractor intends to pay from the requested funds. The original contractor shall provide the disbursement statement: (1) in the manner agreed to in writing by the owner and original contractor; or (2) if no agreement exists, by depositing the statement in the United States mail, first class, postage paid, and properly addressed to the owner or by hand delivering the statement to the owner before the original contractor receives the requested funds. The failure of an original contractor to comply with this section does not invalidate a lien under this chapter, a contract lien, or a deed of trust. A person commits an offense if the person intentionally, knowingly, or recklessly provides false or misleading information in a disbursement statement required under this section. An offense under this section is a misdemeanor. A person adjudged guilty of an offense under this section shall be punished by a fine not to exceed $4,000 or confinement in jail for a term not to exceed one year or both a fine and confinement. A person may not receive community supervision for the offense.§ 53.258.

Collin Texas Disbursement Statement Required by Contractor on Residential Construction Project — Mechanics Lien— - Individual is an essential document that plays a significant role in ensuring transparency and effective communication between the contractor, homeowner, and other parties involved in a residential construction project in Collin County, Texas. This statement outlines the disbursement of funds by the contractor to various subcontractors, suppliers, and laborers, and is crucial for mechanics liens to be filed correctly. In a typical construction project, multiple parties work together to complete the project successfully. The Collin Texas Disbursement Statement is specifically required in residential construction projects to address potential payment disputes and protect the rights of both the contractor and the subcontractors involved in the project. Here are the different types of Collin Texas Disbursement Statements that may be required by the contractor: 1. Initial Collin Texas Disbursement Statement: This statement is prepared at the beginning of the project and includes an estimate of the total project cost, itemized costs for materials, labor, and other expenses. It serves as an initial basis for tracking the disbursement of funds. 2. Interim Collin Texas Disbursement Statement: As the project progresses, the contractor prepares interim disbursement statements at regular intervals, typically monthly. This statement details the funds disbursed to subcontractors, suppliers, and laborers during a specific period, along with any adjustments or change orders that may affect the total cost. 3. Final Collin Texas Disbursement Statement: The final disbursement statement is prepared towards the end of the project when all outstanding invoices, bills, and claims have been settled. This statement presents a comprehensive overview of all funds disbursed throughout the project. These Collin Texas Disbursement Statements are crucial for mechanics liens, which are legal claims filed by subcontractors, suppliers, or laborers seeking payment for their work on the project. By providing accurate and detailed disbursement statements, the contractor ensures that all parties are informed about their share of the funds and reduces the chances of mechanics liens being filed erroneously. The Collin Texas Disbursement Statement Required by Contractor on Residential Construction Project — Mechanics Lien— - Individual is a vital document that promotes transparency in the construction industry and helps maintain healthy contractor-subcontractor relationships. Contractors should ensure that these statements are prepared meticulously, accurately, and in compliance with county and state regulations to avoid any legal disputes or complications.

Collin Texas Disbursement Statement Required by Contractor on Residential Construction Project — Mechanics Lien— - Individual is an essential document that plays a significant role in ensuring transparency and effective communication between the contractor, homeowner, and other parties involved in a residential construction project in Collin County, Texas. This statement outlines the disbursement of funds by the contractor to various subcontractors, suppliers, and laborers, and is crucial for mechanics liens to be filed correctly. In a typical construction project, multiple parties work together to complete the project successfully. The Collin Texas Disbursement Statement is specifically required in residential construction projects to address potential payment disputes and protect the rights of both the contractor and the subcontractors involved in the project. Here are the different types of Collin Texas Disbursement Statements that may be required by the contractor: 1. Initial Collin Texas Disbursement Statement: This statement is prepared at the beginning of the project and includes an estimate of the total project cost, itemized costs for materials, labor, and other expenses. It serves as an initial basis for tracking the disbursement of funds. 2. Interim Collin Texas Disbursement Statement: As the project progresses, the contractor prepares interim disbursement statements at regular intervals, typically monthly. This statement details the funds disbursed to subcontractors, suppliers, and laborers during a specific period, along with any adjustments or change orders that may affect the total cost. 3. Final Collin Texas Disbursement Statement: The final disbursement statement is prepared towards the end of the project when all outstanding invoices, bills, and claims have been settled. This statement presents a comprehensive overview of all funds disbursed throughout the project. These Collin Texas Disbursement Statements are crucial for mechanics liens, which are legal claims filed by subcontractors, suppliers, or laborers seeking payment for their work on the project. By providing accurate and detailed disbursement statements, the contractor ensures that all parties are informed about their share of the funds and reduces the chances of mechanics liens being filed erroneously. The Collin Texas Disbursement Statement Required by Contractor on Residential Construction Project — Mechanics Lien— - Individual is a vital document that promotes transparency in the construction industry and helps maintain healthy contractor-subcontractor relationships. Contractors should ensure that these statements are prepared meticulously, accurately, and in compliance with county and state regulations to avoid any legal disputes or complications.

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Collin Texas Disbursement Statement Required by Contractor on Residential Construction Project - Mechanics Liens - Individual