Sec. 3503.051. DEFINITIONS. In this subchapter:
(1) "Claimant" means a person directly entitled to payment under a construction payment bond.
(2) "Construction payment bond" means a surety agreement or obligation issued to guarantee or assure payment by a principal obligor for work performed or materials supplied or specially fabricated for a public or private construction project.
(3) "Notice of claim" means a written notification by a claimant who makes a claim for payment from the surety company. The term does not include a routine statutory notice required by Section 53.056(b), 53.057, 53.058, 53.252(b), or 53.253, Property Code, or Section 2253.047, Government Code.
(4) "Surety company" means an authorized surety or guaranty company that executes and delivers a construction payment bond as a surety for a principal obligor.
Added by Acts 2005, 79th Leg., Ch. 727 (H.B. 2017), Sec. 3, eff. April 1, 2007.
Section: Previous 3503.001 3503.002 3503.003 3503.004 3503.005 3503.051 3503.052 3503.053 3503.054 3503.055 3503.056 3503.057 3503.101 3503.151 3503.152 NextLast modified: September 28, 2016