Contractor Lien Waiver With Electrical
Description
How to fill out Waiver Of Lien?
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FAQ
It provides a right to claim a lien, to the extent a claimant is unpaid, against title to the land and buildings in question. It provides a claim against the owner's interest even if you have not contracted with that owner.
A construction lien will expire unless the contractor brings a court claim against you within a certain amount of time. Even if the contractor brings a claim, you can still get the lien taken off quickly by choosing to pay the amount of the lien to the court instead of to the contractor.
The legal description can be obtained from BC Assessment. Generally, the deadline to file a lien is 45 days after the project is substantially completed, abandoned or ended. One of the events that can start the clock running to file a lien is when a certificate of completion is issued for a contract or subcontract.
The Builders Lien Act helps to ensure that money intended to finance construction is used for that purpose by imposing a trust on money received by contractors and subcontractors in connection with the construction project ? the statutory or deemed trust. The holdback account will be treated like a trust account.
In most cases, only managers or supervisors can waive lien rights, not laborers, and nobody that wasn't party to the waiver agreement.
