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

State:
Texas
City:
Killeen
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.

Killeen Texas Disbursement Statement Required by Contractor on Residential Construction Project — Mechanics Lien— - Individual In Killeen, Texas, contractors involved in residential construction projects are required to submit a Disbursement Statement as part of the mechanics liens process. This statement serves as a critical document that outlines the financial details of the project, ensuring transparency and protecting the rights of all parties involved. The Killeen Texas Disbursement Statement is an essential tool for contractors to keep track of the payments made and funds disbursed throughout the construction process. By accurately documenting these transactions, contractors can safeguard their lien rights, ensuring they receive proper compensation for their work. This document includes important details such as the contractor's name, the property owner's information, project address, and the date the statement is prepared. It further outlines the various categories of expenses incurred during the construction, including materials, labor, subcontractors, permits, and other related costs. Additionally, the Disbursement Statement provides a breakdown of the project's budget and progress payments received to date. It indicates the specific payments that have been made, the outstanding amounts, and any upcoming payments still due. This level of transparency helps both the contractor and the property owner stay informed about the project's financial status. There are two main types of Killeen Texas Disbursement Statements required by contractors on residential construction projects: Preliminary Disbursement Statement and Final Disbursement Statement. 1. Preliminary Disbursement Statement: This statement is typically submitted prior to the start of the construction project. It serves as a comprehensive breakdown of the estimated expenses and anticipated disbursements throughout the construction process. Contractors must provide accurate cost projections, outlining the expected costs of materials, labor, and other project-related expenses. 2. Final Disbursement Statement: Once the construction project reaches completion, contractors are required to submit a Final Disbursement Statement. This statement reflects the actual expenses incurred during the project, offering a final account of the financial transactions. It details the total project cost, including all payments made and any remaining balances owed to subcontractors or suppliers. By adhering to the Killeen Texas Disbursement Statement requirements, contractors can protect their lien rights and ensure proper financial management throughout the residential construction project. This process promotes transparency, prevents payment disputes, and ultimately safeguards the interests of all parties involved.

Killeen Texas Disbursement Statement Required by Contractor on Residential Construction Project — Mechanics Lien— - Individual In Killeen, Texas, contractors involved in residential construction projects are required to submit a Disbursement Statement as part of the mechanics liens process. This statement serves as a critical document that outlines the financial details of the project, ensuring transparency and protecting the rights of all parties involved. The Killeen Texas Disbursement Statement is an essential tool for contractors to keep track of the payments made and funds disbursed throughout the construction process. By accurately documenting these transactions, contractors can safeguard their lien rights, ensuring they receive proper compensation for their work. This document includes important details such as the contractor's name, the property owner's information, project address, and the date the statement is prepared. It further outlines the various categories of expenses incurred during the construction, including materials, labor, subcontractors, permits, and other related costs. Additionally, the Disbursement Statement provides a breakdown of the project's budget and progress payments received to date. It indicates the specific payments that have been made, the outstanding amounts, and any upcoming payments still due. This level of transparency helps both the contractor and the property owner stay informed about the project's financial status. There are two main types of Killeen Texas Disbursement Statements required by contractors on residential construction projects: Preliminary Disbursement Statement and Final Disbursement Statement. 1. Preliminary Disbursement Statement: This statement is typically submitted prior to the start of the construction project. It serves as a comprehensive breakdown of the estimated expenses and anticipated disbursements throughout the construction process. Contractors must provide accurate cost projections, outlining the expected costs of materials, labor, and other project-related expenses. 2. Final Disbursement Statement: Once the construction project reaches completion, contractors are required to submit a Final Disbursement Statement. This statement reflects the actual expenses incurred during the project, offering a final account of the financial transactions. It details the total project cost, including all payments made and any remaining balances owed to subcontractors or suppliers. By adhering to the Killeen Texas Disbursement Statement requirements, contractors can protect their lien rights and ensure proper financial management throughout the residential construction project. This process promotes transparency, prevents payment disputes, and ultimately safeguards the interests of all parties involved.

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