Certificate Of Trust Example Form Texas
Description
How to fill out Certificate Or Memorandum Of Trust Agreement?
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FAQ
Unless there is ?reasonable cause,? the contractor must pay the subcontractor within 15 days of receipt of payment from the public owner subject to 1.5% per month interest for late payments. The above general rule applies to all tiers of contractors, subcontractors, sub-subcontractors, etc.
In the case of a subcontractor, payment is due to the sub fourteen (14) days after the contractor's receipt of each progress or final payment or fourteen (14) days after receiving the subcontractor's invoice, whichever is later.
Each contract of a municipality must require the prime contractor to pay any subcontractor within ten days of the prime contractor's receipt of payment from the municipality for undisputed services provided by the subcontractor.
(2) (a) Within 7 days after a contractor receives a periodic or final payment from an owner or a state agency, the contractor shall pay the subcontractor, if any, the full amount due the subcontractor in ance with the subcontract for work performed or materials provided in ance with that subcontract.
The contractor shall submit payment requests to the owner. Payment requests must be based upon actual or estimated work performed and materials supplied during the preceding monthly billing cycle. This requirement does not preclude an owner from mutually agreeing with the contractor to prepay for materials.