Sec. 3503.054. NOTICE OF CLAIM; ACKNOWLEDGMENT AND INVESTIGATION. (a) A surety company that issues a construction payment bond shall, not later than the 15th day after the date of receipt of notice of claim under the bond:
(1) acknowledge receipt of the claim;
(2) begin any review or investigation necessary to determine whether the surety company is obligated to satisfy the claim under the bond; and
(3) request from the claimant each document, item of information, accounting, statement, or form that the surety company reasonably believes, at that time, will be required from the claimant.
(b) If a construction payment bond provides an address to which a notice of claim under the bond should be submitted, the notice is effective on the date the notice is received at that address.
(c) This subchapter does not exempt a claimant from complying with any applicable statutory or contractual notice requirement.
Added by Acts 2005, 79th Leg., Ch. 727 (H.B. 2017), Sec. 3, eff. April 1, 2007.
Section: Previous 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 3503.153 NextLast modified: September 28, 2016