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

State:
Texas
City:
Wichita Falls
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.

A Wichita Falls Texas Disbursement Statement is a required document by contractors on residential construction projects to comply with Mechanics Liens laws. This statement outlines detailed information regarding the disbursement of funds on the construction project, ensuring transparency and protection for all parties involved. The purpose of the Wichita Falls Texas Disbursement Statement is to provide an accurate breakdown of payments made to subcontractors, suppliers, and other entities involved in the construction project. It serves as evidence that funds have been properly allocated and disbursed according to the terms agreed upon in various contracts and agreements. This statement typically includes information such as the name of the contractor, the project's address, the names and addresses of subcontractors and suppliers, the amount paid to each party, and the purpose of the payment. It is crucial to include all relevant details to avoid any discrepancies or disputes in the future. Different types of Wichita Falls Texas Disbursement Statements may exist depending on the requirements and specifications of the project. These may include: 1. Preliminary Disbursement Statement: This statement is typically submitted before any work begins to outline the estimated costs and funds required for the project. It serves as a preliminary understanding of the financial aspects of the construction project. 2. Progress Payment Disbursement Statement: This type of statement is submitted periodically throughout the project to track the progress made and the funds disbursed accordingly. It includes an updated breakdown of payments made to subcontractors, suppliers, and other entities involved. 3. Final Disbursement Statement: This statement is submitted upon the completion of the project and includes a comprehensive overview of all payments made throughout the construction process. It serves as a final record of all disbursements and ensures that all parties have received their rightful payments. It is important for contractors to understand and comply with the specific requirements of disbursement statements in Wichita Falls, Texas, to avoid potential legal issues, such as mechanics liens. By accurately documenting and disclosing the distribution of funds, contractors can maintain transparency, build trust with stakeholders, and protect themselves from potential disputes or financial liabilities.

A Wichita Falls Texas Disbursement Statement is a required document by contractors on residential construction projects to comply with Mechanics Liens laws. This statement outlines detailed information regarding the disbursement of funds on the construction project, ensuring transparency and protection for all parties involved. The purpose of the Wichita Falls Texas Disbursement Statement is to provide an accurate breakdown of payments made to subcontractors, suppliers, and other entities involved in the construction project. It serves as evidence that funds have been properly allocated and disbursed according to the terms agreed upon in various contracts and agreements. This statement typically includes information such as the name of the contractor, the project's address, the names and addresses of subcontractors and suppliers, the amount paid to each party, and the purpose of the payment. It is crucial to include all relevant details to avoid any discrepancies or disputes in the future. Different types of Wichita Falls Texas Disbursement Statements may exist depending on the requirements and specifications of the project. These may include: 1. Preliminary Disbursement Statement: This statement is typically submitted before any work begins to outline the estimated costs and funds required for the project. It serves as a preliminary understanding of the financial aspects of the construction project. 2. Progress Payment Disbursement Statement: This type of statement is submitted periodically throughout the project to track the progress made and the funds disbursed accordingly. It includes an updated breakdown of payments made to subcontractors, suppliers, and other entities involved. 3. Final Disbursement Statement: This statement is submitted upon the completion of the project and includes a comprehensive overview of all payments made throughout the construction process. It serves as a final record of all disbursements and ensures that all parties have received their rightful payments. It is important for contractors to understand and comply with the specific requirements of disbursement statements in Wichita Falls, Texas, to avoid potential legal issues, such as mechanics liens. By accurately documenting and disclosing the distribution of funds, contractors can maintain transparency, build trust with stakeholders, and protect themselves from potential disputes or financial liabilities.

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