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

State:
Texas
City:
Odessa
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.

In Odessa, Texas, a disbursement statement is an essential requirement for contractors involved in residential construction projects. The purpose of this statement is to provide detailed information about the distribution of funds received by the contractor for the project. This statement becomes particularly important when mechanics liens are involved, as it ensures transparency and accountability in financial transactions between the contractor and other parties involved in the project. A disbursement statement outlines the various expenses incurred during the construction project, including labor costs, materials, subcontractor fees, and any other related expenses. It provides a comprehensive breakdown of how funds are allocated, ensuring that subcontractors, suppliers, and other stakeholders are aware of the financial flow. Different types of Odessa Texas Disbursement Statements Required by Contractor on Residential Construction Projects: 1. Progress Payment Disbursement Statement: This type of disbursement statement reflects the ongoing progress of the construction project. It is typically submitted at regular intervals, such as monthly or quarterly, and highlights the funds allocated to various aspects of the project during that specific period. Subcontractors and suppliers can use this statement to track their payments and ensure that they are receiving equitable compensation. 2. Final Payment Disbursement Statement: Once the residential construction project is completed, the contractor is required to submit a final payment disbursement statement. This statement summarizes all the expenses incurred throughout the course of the project, including any additional costs or change orders. It provides a comprehensive overview of how the total project funds were disbursed among subcontractors, suppliers, and the contractor. 3. Lien Waiver Disbursement Statement: In cases where mechanics liens are utilized by subcontractors or suppliers, a lien waiver disbursement statement may be required. This statement outlines the specific funds that have been disbursed to individual subcontractors or suppliers, along with their corresponding lien waivers. It acts as a legal document to verify that the necessary payments have been made and releases the contractor from any potential future claims related to mechanics liens. By diligently preparing and submitting these Odessa Texas disbursement statements, contractors on residential construction projects can maintain transparent financial records and ensure smooth collaboration with subcontractors, suppliers, and other stakeholders. These statements not only comply with legal requirements but also foster trust and positive working relationships within the construction industry.

In Odessa, Texas, a disbursement statement is an essential requirement for contractors involved in residential construction projects. The purpose of this statement is to provide detailed information about the distribution of funds received by the contractor for the project. This statement becomes particularly important when mechanics liens are involved, as it ensures transparency and accountability in financial transactions between the contractor and other parties involved in the project. A disbursement statement outlines the various expenses incurred during the construction project, including labor costs, materials, subcontractor fees, and any other related expenses. It provides a comprehensive breakdown of how funds are allocated, ensuring that subcontractors, suppliers, and other stakeholders are aware of the financial flow. Different types of Odessa Texas Disbursement Statements Required by Contractor on Residential Construction Projects: 1. Progress Payment Disbursement Statement: This type of disbursement statement reflects the ongoing progress of the construction project. It is typically submitted at regular intervals, such as monthly or quarterly, and highlights the funds allocated to various aspects of the project during that specific period. Subcontractors and suppliers can use this statement to track their payments and ensure that they are receiving equitable compensation. 2. Final Payment Disbursement Statement: Once the residential construction project is completed, the contractor is required to submit a final payment disbursement statement. This statement summarizes all the expenses incurred throughout the course of the project, including any additional costs or change orders. It provides a comprehensive overview of how the total project funds were disbursed among subcontractors, suppliers, and the contractor. 3. Lien Waiver Disbursement Statement: In cases where mechanics liens are utilized by subcontractors or suppliers, a lien waiver disbursement statement may be required. This statement outlines the specific funds that have been disbursed to individual subcontractors or suppliers, along with their corresponding lien waivers. It acts as a legal document to verify that the necessary payments have been made and releases the contractor from any potential future claims related to mechanics liens. By diligently preparing and submitting these Odessa Texas disbursement statements, contractors on residential construction projects can maintain transparent financial records and ensure smooth collaboration with subcontractors, suppliers, and other stakeholders. These statements not only comply with legal requirements but also foster trust and positive working relationships within the construction industry.

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