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2. Texas Fund Trapping Notice - Wikipedia

   en.wikipedia.org/wiki/Texas_Fund_Trapping_Notice

   In Mechanics lien law a Texas Fund Trapping Notice is a preliminary notice that parties on construction projects who are not directly contracted with the owner send in order to preserve the right to file a mechanics lien in the event of nonpayment in Texas. This document is called a Fund Trapping Notice because its purpose is to inform the ...

3. Letter of intent - Wikipedia

   en.wikipedia.org/wiki/Letter_of_intent

   A letter of intent (LOI or LoI, or Letter of Intent) is a document outlining the understanding between two or more parties which they intend to formalize in a legally binding agreement. The concept is similar to a heads of agreement , term sheet or memorandum of understanding .

4. Take-or-pay contract - Wikipedia

   en.wikipedia.org/wiki/Take-or-pay_contract

   A take-or-pay contract, or a take-or-pay clause within a contract, is a payment obligation agreed between a business customer and its supplier. With this kind of contract, the customer either takes the product from the supplier or pays the supplier a penalty. For any product the company takes, it agrees to pay the supplier a certain price, say ...

5. Mechanic's lien - Wikipedia

   en.wikipedia.org/wiki/Mechanic's_lien

   The general contractor, in turn, hires subcontractors ("subs") and material suppliers ("suppliers") to perform the work. These subs and suppliers are entitled to liens on the owner's property to secure their payment from the general contractor. However, to have an enforceable lien, it usually must be "perfected." This means that the holder of ...

6. Construction contract - Wikipedia

   en.wikipedia.org/wiki/Construction_contract

   A scheduled of rate is included in agreement for making payment of extra items. Under a lump sum contract, a “fixed price” for the work to be done is agreed upon by the client and contractor before the work begins. This contract can also be applied to both home building and commercial contracts.

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