What Is a Final Waiver of Lien?
Most construction projects require that a lien waiver be included in the contract to ensure that the supplier or subcontractor is paid by the contractor. This way, if the contractor does not pay, a lien can be placed on the property on which work was done. A final waiver of lien is possible only after everyone involved has been paid, and can be used to ensure that a lien is not put on the property once the construction work is done and paid for. Therefore, this form is beneficial to both homeowners and subcontractors.
Most construction projects require that a lien waiver be included in the contract to ensure that the supplier or subcontractor is paid by the contractor. This way, if the contractor does not pay, a lien can be placed on the property on which work was done. A final waiver of lien is possible only after everyone involved has been paid, and can be used to ensure that a lien is not put on the property once the construction work is done and paid for. Therefore, this form is beneficial to both homeowners and subcontractors. It is advised that all homeowners request a lien waiver during projects involving their home. This kind of document protects homeowners in the event that their contractor does not pay their supplier or subcontractor, even after they have paid their contractor for the project. This is because if the contractor absconds with the homeowner’s money without paying his subcontractor or supplier, the party that has not been paid can send a bill to the homeowner to collect what i
