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What is a ?cost plus? construction contract? A construction contract in which the contractor is reimbursed for the actual costs to complete the project, plus a fee. The fee is generally some percentage of the cost of the work, designed to cover the contractor's profit, overhead, etc.
How does a creditor go about getting a judgment lien in Virginia? To attach the lien, the creditor records the judgment on the county recorder's lien docket in any Virginia county where the debtor owns property now or may own property in the future.
About Virginia Notice of Intent to Lien Form No one wants to be forced to file a mechanics lien, and this document gives all of the parties involved one final chance to take care of the payment issues on a project. This form advises the party that a lien will be filed if payment is not received within 10 days.
Virginia: All persons engaging in contracting work must be licensed. A general contractor can be subject to sanctions and fines for hiring an unlicensed subcontractor.
Any subcontractor or person furnishing labor or material to the general contractor or subcontractor, may give a preliminary notice in writing to the owner or his agent or the general contractor, stating the nature and character of his contract and the probable amount of his claim.
In Virginia the time for filing a mechanic's lien notice is 90 days after the end of the month in which labor or supplies were furnished to the building site, or 90 days after the project is completed, whichever comes first. This translates to 123 days for convenience in the title industry.
Virginia takes unlicensed contracting very seriously. Under Virginia Code 54.1-1115, the penalty for contracting without the proper license in Virginia is a fine in the amount not to exceed $500 per day of violation. It is also a Class 1 misdemeanor, and you could also do up to a year in jail.
§ 43-10. Sufficiency of memorandum, affidavit and notice required by § 43-9. The memorandum, affidavit and notice required by § 43-9 shall be sufficient if substantially in form and effect as follows: Memorandum for Mechanic's Lien Claimed by Sub-subcontractor.