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In the mechanics lien process, a lien waiver is a document from a contractor, subcontractor, materials supplier, equipment lessor or other party to the construction project (the claimant) stating they have received payment and waive any future lien rights to the property (of the owner) for the amount paid.
Unlike a lien waiver that negates the right to file a lien in the future, a lien release cancels a lien that has already in effect. Prior to making any payment, the property owner should request a release of lien from every supplier, contractor and subcontractor, which covers the materials used and the work performed on the project.
He did have Beg sign a lien waiver for $125,000, which protects Narayanan from having to cover any of Beg's unpaid bills to subcontractors for the project. However, the waiver does not show what ...
Construction of the Pentagon, 1942.. The Miller Act (ch. 642, Sec. 1-3, 49 stat. 793,794, codified as amended in Title 40 of the United States Code) [1] requires prime contractors on some government construction contracts to post bonds guaranteeing both the performance of their contractual duties and the payment of their subcontractors and material suppliers.
In Mechanic's lien law a Notice of Intent to Lien (also known as a Notice of Intent, a Notice of Intent to File a Mechanics Lien, an intent notice, an NOI, or a notice of non-payment) is a type of preliminary notice that warns the property owner, prime contractor, and/or other party on a construction that a mechanics lien or bond claim will be filed unless overdue payments are made within a ...
Retainage is a portion of the agreed upon contract price deliberately withheld until the work is complete to assure that contractor or subcontractor will satisfy its obligations and complete a construction project. [1] A retention is money withheld by one party in a contract to act as security against incomplete or defective works.
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