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

State:
Texas
City:
Pasadena
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.

Pasadena Texas Disbursement Statement Required by Contractor on Residential Construction Project — Mechanics Lien— - Individual In Pasadena, Texas, a Disbursement Statement is a crucial document required by contractors working on residential construction projects, especially when Mechanics Liens are involved. This statement outlines the details of all payments made to subcontractors and material suppliers, ensuring transparency and protection for all parties involved in the construction process. The Disbursement Statement serves as a record of financial transactions throughout the project, tracking the funds allocated to pay subcontractors, suppliers, and other project-related expenses. It is of utmost importance for contractors to provide accurate and detailed disbursement statements to maintain transparency and avoid any potential disputes. Keywords: Pasadena Texas, Disbursement Statement, Contractor, Residential Construction Project, Mechanics Liens, Individual Types of Pasadena Texas Disbursement Statement Required by Contractor on Residential Construction Project — Mechanics Lien— - Individual: 1. Initial Disbursement Statement: This statement is typically submitted by the contractor at the beginning stages of the project. It outlines the initial funds allocated to subcontractors, suppliers, and other involved parties. 2. Progress Disbursement Statement: As the project progresses, contractors must provide progress disbursement statements at regular intervals. These statements detail all payments made to subcontractors and suppliers based on their completed work or delivered materials. 3. Final Disbursement Statement: Upon project completion, the contractor is required to furnish a final disbursement statement. This statement summarizes all payments made throughout the construction process and serves as a comprehensive record. 4. Lien Waivers: In addition to the disbursement statements, contractors may also need to obtain lien waivers from subcontractors, suppliers, and other parties involved in the project. These waivers release any potential claim to a Mechanics Lien, ensuring that all parties have been compensated appropriately. To ensure compliance and protect their own interests, contractors in Pasadena, Texas, must carefully prepare and submit these disbursement statements. Accuracy, transparency, and timely submission are key factors in maintaining positive relationships with subcontractors, suppliers, and project owners while avoiding potential legal issues. Overall, the Pasadena Texas Disbursement Statement Required by a Contractor on a Residential Construction Project involving Mechanics Liens is a vital document that plays a significant role in facilitating smooth financial transactions, contractual obligations, and ensuring fair compensations throughout the construction process.

Pasadena Texas Disbursement Statement Required by Contractor on Residential Construction Project — Mechanics Lien— - Individual In Pasadena, Texas, a Disbursement Statement is a crucial document required by contractors working on residential construction projects, especially when Mechanics Liens are involved. This statement outlines the details of all payments made to subcontractors and material suppliers, ensuring transparency and protection for all parties involved in the construction process. The Disbursement Statement serves as a record of financial transactions throughout the project, tracking the funds allocated to pay subcontractors, suppliers, and other project-related expenses. It is of utmost importance for contractors to provide accurate and detailed disbursement statements to maintain transparency and avoid any potential disputes. Keywords: Pasadena Texas, Disbursement Statement, Contractor, Residential Construction Project, Mechanics Liens, Individual Types of Pasadena Texas Disbursement Statement Required by Contractor on Residential Construction Project — Mechanics Lien— - Individual: 1. Initial Disbursement Statement: This statement is typically submitted by the contractor at the beginning stages of the project. It outlines the initial funds allocated to subcontractors, suppliers, and other involved parties. 2. Progress Disbursement Statement: As the project progresses, contractors must provide progress disbursement statements at regular intervals. These statements detail all payments made to subcontractors and suppliers based on their completed work or delivered materials. 3. Final Disbursement Statement: Upon project completion, the contractor is required to furnish a final disbursement statement. This statement summarizes all payments made throughout the construction process and serves as a comprehensive record. 4. Lien Waivers: In addition to the disbursement statements, contractors may also need to obtain lien waivers from subcontractors, suppliers, and other parties involved in the project. These waivers release any potential claim to a Mechanics Lien, ensuring that all parties have been compensated appropriately. To ensure compliance and protect their own interests, contractors in Pasadena, Texas, must carefully prepare and submit these disbursement statements. Accuracy, transparency, and timely submission are key factors in maintaining positive relationships with subcontractors, suppliers, and project owners while avoiding potential legal issues. Overall, the Pasadena Texas Disbursement Statement Required by a Contractor on a Residential Construction Project involving Mechanics Liens is a vital document that plays a significant role in facilitating smooth financial transactions, contractual obligations, and ensuring fair compensations throughout the construction process.

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