Texas Receipt of Payment for Obligation
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How to fill out Receipt Of Payment For Obligation?
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FAQ
?Contingent payment clause? means a provision in a contract for construction management, or for the construction of improvements to real property or the furnishing of materials for the construction, that provides that the contingent payor's receipt of payment from another is a condition precedent to the obligation of ...
On private projects in Texas, the property owner must make payment to the prime contractor within 35 days of invoice receipt. Once the prime contractor receives payment from the property owner, they must pay their subs and suppliers within 7 days.
On private projects in Texas, the property owner must make payment to the prime contractor within 35 days of invoice receipt. Once the prime contractor receives payment from the property owner, they must pay their subs and suppliers within 7 days.
Without a contract clause or state statute[i] addressing payment obligations, payment for construction work is due on substantial completion of the work. Under the majority view[viii], a pay-if-paid clause is a condition precedent to payment and a pay-when-paid clause is merely a timing provision.
(a) A merchant must provide a consumer with a complete receipt or copy of a contract pertaining to the consumer transaction at the time of its execution.
Texas Business and Commerce Code Section 56.051 ? Enforcement of Clause Prohibited to Extent Certain Contractual Obligations Not Met.
The purpose of the clause usually is to protect prime contractors from assuming debt. For instance, the phrase might read: ?The Subcontractor shall be paid within ten (10) days after the Prime Contractor receives payment for subcontract work from the Owner.?
Texas allows pay-if-paid clauses, but are enforceable only if certain statutory requirements are fulfilled. The Texas Business and Commerce Code, Chapter 56 statutorily defines and regulates contingent payment clauses.
