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Texas Business & Commerce Code

§ 56.057 — ALLOCATION OF RISK PERMITTED

BC § 56.057Title 4. BUSINESS OPPORTUNITIES AND AGREEMENTS · Ch. 56. AGREEMENT FOR PAYMENT OF CONSTRUCTION SUBCONTRACTOR · Art. B. CONTINGENT PAYMENT CLAUSE

Statute text

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An obligor or a primary obligor may not prohibit a contingent payor from allocating risk by means of a contingent payment clause.

Legislative history

Added by Acts 2009, 81st Leg., R.S., Ch. 87 (S.B. 1969), Sec. 4.001(a), eff. September 1, 2009.

Source: Texas Business & Commerce Code § 56.057 from the Texas Constitution and Statutes (Texas Legislature) (public record). DecisionDepot is for informational use only and is not legal advice — verify against the official source before relying on this text.