Section 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 or 53.057, 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.Tex. Ins. Code § 3503.051
Amended by Acts 2021, Texas Acts of the 87th Leg. - Regular Session, ch. 690,Sec. 1, eff. 1/1/2022, applicable only to an original contract entered into on or after the effective date of this Act.Added by Acts 2005, 79th Leg., Ch. 727, Sec. 3, eff. 4/1/2007.