This form may be completed and used by a subcontractor or supplier who has not been fully paid on a project and is seeking payment from the surety (insurer) under the terms of a payment bond. In construction, a payment bond is a bond on the general contractor to ensure payment to subcontractors and suppliers.
Texas Bond Claim Notice
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Multi-State
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US-CONST3
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How to fill out Bond Claim Notice?
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FAQ
What are Payment Bonds? Texas payment bonds are sureties taken out in the construction industry to ensure that contractors compensate their subcontractors, material suppliers, and laborers in a timely fashion.
To perfect a bond claim for unpaid labor or material under Chapter 2253, a subcontractor or supplier must send notice to the prime contractor and surety for each month in which the labor or material was furnished.
Tex. Gov't Code Section 2253.047. Additional Notice Required for Payment Bond Beneficiary Without Direct Contractual Relationship with Prime Contractor.
Understanding Texas surety bonds is not that complicated once you begin to think of it as a type of insurance policy. Essentially, a surety ensures someone or some business that another person or another business will follow through on a specific action, or will act in ance with specific laws.
If the court finds that a person who has a possessory interest in a child may violate the court order relating to the interest, the court may order the party to execute a bond or deposit security. The court shall set the amount and condition the bond or security on compliance with the order.
Texas Government Code Section 2253.047 ? Additional Notice Required for Payment Bond Beneficiary Without Direct Contractual Relationship with Prime Contractor.
Section 2253.041, which sets forth the notice requirement for claims for unpaid labor or material that all payment bond beneficiaries must comply with, provides: (a.) . . . [A] payment bond beneficiary must mail to the prime contractor and the surety written notice of the claim. (b.)
The Texas Prompt Payment Act is an important legal protection for contractors and subcontractors in Texas. By setting strict payment deadlines and penalties for noncompliance, the law provides a level of security for those who work in the construction industry.
