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

State:
Texas
City:
Frisco
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.

Frisco Texas Disbursement Statement Required by Contractor on Residential Construction Project — Mechanics Lien— - Individual In Frisco, Texas, contractors working on residential construction projects are obligated to provide a detailed disbursement statement to ensure transparency between all parties involved. This Frisco Texas Disbursement Statement becomes particularly necessary when dealing with mechanics liens by individuals. A Frisco Texas Disbursement Statement encompasses a comprehensive breakdown of the financial transactions throughout the project's duration. It accurately records all disbursements made by the contractor, detailing the specific costs associated with labor, materials, equipment, and any other project-related expenses. By providing a detailed record of disbursements, contractors adhere to the legal requirements set forth by the state of Texas. This documentation plays a crucial role in protecting the interests of property owners, subcontractors, and suppliers by maintaining transparency and ensuring fair payment practices. Types of Frisco Texas Disbursement Statement Required by Contractor on Residential Construction Project — Mechanics Lien— - Individual: 1. Preliminary Notice Disbursement Statement: This initial statement is typically submitted before the construction project begins. It outlines the project's estimated cost, total budget, and a breakdown of anticipated disbursements. Contractors are required to provide this statement to inform stakeholders about the project's financial aspects. 2. Progress Disbursement Statement: This statement documents the ongoing disbursements throughout the construction project. It provides a clear breakdown of the costs incurred during each phase, ensuring that all parties are aware of the project's financial status at any given time. Progress disbursement statements are vital in maintaining transparency and preventing payment disputes. 3. Final Disbursement Statement: Upon completion of the residential construction project, contractors are obligated to submit a final disbursement statement. This comprehensive document summarizes all expenses incurred during the entire project, including any outstanding payments or change orders. It serves as a final record of all financial transactions, ensuring that all parties are aware of the project's financial outcome. Overall, Frisco Texas Disbursement Statements are essential tools in securing the financial integrity of residential construction projects. By providing a detailed breakdown of disbursements, contractors comply with the mandatory regulations, and ensure fair payment practices among all stakeholders. This proactive approach minimizes the risk of mechanics liens being filed by individuals and fosters a harmonious working relationship throughout the project.

Frisco Texas Disbursement Statement Required by Contractor on Residential Construction Project — Mechanics Lien— - Individual In Frisco, Texas, contractors working on residential construction projects are obligated to provide a detailed disbursement statement to ensure transparency between all parties involved. This Frisco Texas Disbursement Statement becomes particularly necessary when dealing with mechanics liens by individuals. A Frisco Texas Disbursement Statement encompasses a comprehensive breakdown of the financial transactions throughout the project's duration. It accurately records all disbursements made by the contractor, detailing the specific costs associated with labor, materials, equipment, and any other project-related expenses. By providing a detailed record of disbursements, contractors adhere to the legal requirements set forth by the state of Texas. This documentation plays a crucial role in protecting the interests of property owners, subcontractors, and suppliers by maintaining transparency and ensuring fair payment practices. Types of Frisco Texas Disbursement Statement Required by Contractor on Residential Construction Project — Mechanics Lien— - Individual: 1. Preliminary Notice Disbursement Statement: This initial statement is typically submitted before the construction project begins. It outlines the project's estimated cost, total budget, and a breakdown of anticipated disbursements. Contractors are required to provide this statement to inform stakeholders about the project's financial aspects. 2. Progress Disbursement Statement: This statement documents the ongoing disbursements throughout the construction project. It provides a clear breakdown of the costs incurred during each phase, ensuring that all parties are aware of the project's financial status at any given time. Progress disbursement statements are vital in maintaining transparency and preventing payment disputes. 3. Final Disbursement Statement: Upon completion of the residential construction project, contractors are obligated to submit a final disbursement statement. This comprehensive document summarizes all expenses incurred during the entire project, including any outstanding payments or change orders. It serves as a final record of all financial transactions, ensuring that all parties are aware of the project's financial outcome. Overall, Frisco Texas Disbursement Statements are essential tools in securing the financial integrity of residential construction projects. By providing a detailed breakdown of disbursements, contractors comply with the mandatory regulations, and ensure fair payment practices among all stakeholders. This proactive approach minimizes the risk of mechanics liens being filed by individuals and fosters a harmonious working relationship throughout the project.

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