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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.
In the mechanics lien process, a lien waiver is a document from a contractor, subcontractor, materials supplier, equipment lessor or other party to the construction project (the claimant) stating they have received payment and waive any future lien rights to the property (of the owner) for the amount paid.
Some contractors appoint subcontractors to work under a "pay when paid" clause, sometimes called a "pay if paid" clause, where the general contractor will work with subcontractors and the subcontractors are only paid if and when the general contractor is paid for the work. [6] An example clause from a construction context reads:
A lien release, also known as a release of lien or a cancellation of lien, is a document that may be voluntarily provided by a lien claimant, such as a subcontractor, in exchange for payment or a promise of payment from a general contractor or a property owner. Negotiations may be tricky, as lien claimants generally want to be paid before they ...
Under these conditions, the subcontractor may collect payment from the owner, who then reduces his final payment (i.e. when releasing what remains of the holdback) to the contractor. Note that the subcontractor is entitled to payment based on quantum meruit, irrespective of whether or not the subcontractor has privity of contract with the owner.
Rivian subcontractors have agreed to pay $315,000 in back wages and penalties to settle a lawsuit brought by the state alleging the companies owed overtime pay to 59 Mexican laborers who helped ...
Invoice processing : involves the handling of incoming invoices from arrival to payment. Invoices have many variations and types. In general, invoices are grouped into two types: Invoices associated with a company's internal request or purchase order (PO-based invoices) and
Subcontractors for Municipal Contractors Inc.have walked off the job at intersections in Boca Raton, Boynton Beach and Lake Worth Beach. Failure to pay subcontractors halts work at three major ...