Tex.
Ins. Code Section 3503.051
Definitions
(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 (Derivative Claimant: Notice to Owner and Original Contractor) or 53.057 (Derivative Claimant: Notice of Claim for Unpaid Retainage), Property Code, or Section 2253.047 (Additional Notice Required for Payment Bond Beneficiary Without Direct Contractual Relationship with Prime Contractor), 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.
Source:
Section 3503.051 — Definitions, https://statutes.capitol.texas.gov/Docs/IN/htm/IN.3503.htm#3503.051 (accessed Apr. 29, 2024).
