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

State:
Texas
City:
Plano
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.

Keywords: Plano Texas, disbursement statement required by contractor, residential construction project, mechanics liens, individual When undertaking a residential construction project in Plano, Texas, it is crucial for contractors to understand the importance of a disbursement statement. A disbursement statement is a detailed document that outlines the payments made to subcontractors, suppliers, and vendors during the course of a construction project. This statement plays a critical role in protecting the rights of contractors, homeowners, and suppliers, while effectively managing the mechanics liens process. Contractors involved in residential construction projects in Plano, Texas are required to provide a disbursement statement to ensure transparency and accountability. This document is particularly important when it comes to handling mechanics liens, which are legal claims made by subcontractors, suppliers, and vendors seeking payment for the services or materials provided for the construction project. The Plano Texas Disbursement Statement Required by Contractor on Residential Construction Project typically includes the following details: 1. Project information: The disbursement statement begins with comprehensive project information, such as the project name, address, and description. This helps identify the specific construction project to which the statement relates. 2. Contractor information: The contractor's name, contact details, and license number are provided to establish the party responsible for overseeing the construction process. 3. Lender information: The name, address, and contact details of the lending institution or bank financing the project are mentioned. This information ensures that the disbursement statement is in compliance with the lender's requirements. 4. Description of work: A detailed breakdown of the work completed by subcontractors, suppliers, and vendors is included. This description should be thorough and specific, clearly identifying the services rendered or materials provided. 5. Payment information: The payment details related to each subcontractor, supplier, or vendor are listed. This includes the amount paid, payment date, and payment method. The statement may also provide an overview of outstanding payments. 6. Lien waiver verification: Contractors may request subcontractors, suppliers, and vendors to sign lien waivers, relinquishing their rights to file mechanics liens. The disbursement statement should contain a section verifying that these lien waivers have been obtained from the respective parties. Different types of Plano Texas Disbursement Statements Required by Contractor on Residential Construction Project may vary depending on the specific needs and requirements of each project. Some variations may include: 1. Preliminary disbursement statement: This statement is provided at the beginning of the construction project, outlining the estimated costs and initial payments made to subcontractors, suppliers, and vendors. 2. Monthly disbursement statement: As the project progresses, monthly disbursement statements are issued to track the ongoing payments made to different parties involved in the construction process. 3. Final disbursement statement: Once the project reaches completion, a final disbursement statement summarizes all payments made throughout the project, ensuring that all outstanding invoices have been settled, and all mechanics liens have been addressed. In summary, a Plano Texas Disbursement Statement Required by Contractor on Residential Construction Project is a crucial document in managing mechanics liens and ensuring transparency in payment processes. By providing detailed information about the project, payments, and lien waivers, contractors can effectively protect their rights and fulfill their obligations to subcontractors, suppliers, and vendors.

Keywords: Plano Texas, disbursement statement required by contractor, residential construction project, mechanics liens, individual When undertaking a residential construction project in Plano, Texas, it is crucial for contractors to understand the importance of a disbursement statement. A disbursement statement is a detailed document that outlines the payments made to subcontractors, suppliers, and vendors during the course of a construction project. This statement plays a critical role in protecting the rights of contractors, homeowners, and suppliers, while effectively managing the mechanics liens process. Contractors involved in residential construction projects in Plano, Texas are required to provide a disbursement statement to ensure transparency and accountability. This document is particularly important when it comes to handling mechanics liens, which are legal claims made by subcontractors, suppliers, and vendors seeking payment for the services or materials provided for the construction project. The Plano Texas Disbursement Statement Required by Contractor on Residential Construction Project typically includes the following details: 1. Project information: The disbursement statement begins with comprehensive project information, such as the project name, address, and description. This helps identify the specific construction project to which the statement relates. 2. Contractor information: The contractor's name, contact details, and license number are provided to establish the party responsible for overseeing the construction process. 3. Lender information: The name, address, and contact details of the lending institution or bank financing the project are mentioned. This information ensures that the disbursement statement is in compliance with the lender's requirements. 4. Description of work: A detailed breakdown of the work completed by subcontractors, suppliers, and vendors is included. This description should be thorough and specific, clearly identifying the services rendered or materials provided. 5. Payment information: The payment details related to each subcontractor, supplier, or vendor are listed. This includes the amount paid, payment date, and payment method. The statement may also provide an overview of outstanding payments. 6. Lien waiver verification: Contractors may request subcontractors, suppliers, and vendors to sign lien waivers, relinquishing their rights to file mechanics liens. The disbursement statement should contain a section verifying that these lien waivers have been obtained from the respective parties. Different types of Plano Texas Disbursement Statements Required by Contractor on Residential Construction Project may vary depending on the specific needs and requirements of each project. Some variations may include: 1. Preliminary disbursement statement: This statement is provided at the beginning of the construction project, outlining the estimated costs and initial payments made to subcontractors, suppliers, and vendors. 2. Monthly disbursement statement: As the project progresses, monthly disbursement statements are issued to track the ongoing payments made to different parties involved in the construction process. 3. Final disbursement statement: Once the project reaches completion, a final disbursement statement summarizes all payments made throughout the project, ensuring that all outstanding invoices have been settled, and all mechanics liens have been addressed. In summary, a Plano Texas Disbursement Statement Required by Contractor on Residential Construction Project is a crucial document in managing mechanics liens and ensuring transparency in payment processes. By providing detailed information about the project, payments, and lien waivers, contractors can effectively protect their rights and fulfill their obligations to subcontractors, suppliers, and vendors.

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