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Universal Property & Casualty Insurance Company Statement Of No Loss 2012
Get Universal Property & Casualty Insurance Company Statement Of No Loss 2012-2024
Ly insured under policy number with Universal Property and Casualty Insurance Company (UPCIC). On the basis of this statement, I request that UPCIC reinstate my insurance policy. I understand that my representation is an important part of UPCIC's decision to reinstate my policy, and that UPCIC intends to rely upon the truthfulness of this representation in connection with its decision. I further understand that an incorrect statement or omission of fact relating to.
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Expiration FAQ
These laws also set a deadline for the payment of retainage, though the timeline is typically based on the payment to the contractor's hiring party. On public jobs in California, final and retainage payments are due to the prime contractor within 60 days of the project's final completion.
The point of retainage is to give the contractor an incentive to finish the project, and to give the owner cash-in-hand to use to complete minor items.
2022 CHANGES Under §53.052(d), a lien for retainage must be filed no later than the 15th day of the 3rd month after the month the original contract was completed, terminated, or abandoned.
Texas law obligates construction owners to withhold 10% of the value of the work during the course of a project and for 30 days after final completion. This is generally known as statutory retainage.
2022 CHANGES Under §53.052(d), a lien for retainage must be filed no later than the 15th day of the 3rd month after the month the original contract was completed, terminated, or abandoned.
Texas law obligates construction owners to withhold 10% of the value of the work during the course of a project and for 30 days after final completion. This is generally known as statutory retainage.
Texas law obligates construction owners to withhold 10% of the value of the work during the course of a project and for 30 days after final completion. This is generally known as statutory retainage.
The only way to avoid the retainage requirement is to obtain a payment bond in conformance with Texas Property Code § 53.202.
The only way to avoid the retainage requirement is to obtain a payment bond in conformance with Texas Property Code § 53.202.
Retainage is meant to encourage productivity and efficiency. It provides financial incentive for a contractor to finish the job and do it well. Many consider it the most effective insurance policy an owner has over contractors, and contractors over subcontractors and suppliers.
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