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Contractor Lien Waiver

Contractor Lien Waiver

Contractor lien waiver- Know more about it

The contractor lien waiver is a document that is signed by the contractor and states that the payment for the project has been received and therefore they waive any lien rights t the property of the owner.

Types of lien waiver

There are basically four types of lien waiver that can be listed as follows:

  1. Conditional waiver on progress payment

This is one of the safest forms of waiver that is designed for the claimant. The waiver proves that if the payment has been done then there s no lien claim to the property of the owner.

  1. Unconditional waiver on progress

This is a time bound waiver that releases the claimant from any lien claim on the property after a specific date.

  1. Conditional waiver on final payment

The payment made up to date releases all the claimant rights in order to any mechanics lien.

  1. Unconditional waiver on final payment

This waiver is considered safest one for the owners as the mechanics lien on the owner’s property is released unconditionally. This type of release is issued only when the claimant is sure of the fact that all the work has been finished and the payment has been done.

All the types of lien waiver are issued including the no return or stopped payment checks. There are different types of waivers accepted in different states and this is why you should first make sure of the requirements of your state before issuing this type of release.

Contractor Lien Waiver

Contractor Lien Waiver

 

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