Alabama Certificate of Satisfaction of Stop Notice Claim or Notice to Withhold Funds

State:
Multi-State
Control #:
US-01040BG
Format:
Word; 
Rich Text
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Description

The right to execute and deliver a stop notice or a notice to withhold funds is a remedy closely related to a mechanic's lien. When a stop notice or a notice to withhold funds is received by an individual or a firm holding the construction funds for a project, the individual or firm must withhold from its disbursements sufficient money to satisfy the stop notice claim. In this form, the claimant is informing the appropriate court clerk that he has settled the claim and is authorizing the court clerk to discharge of record the Stop Notice.


This form is a generic example that may be referred to when preparing such a form for your particular state. It is for illustrative purposes only. Local laws should be consulted to determine any specific requirements for such a form in a particular jurisdiction.

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FAQ

Notice of Completion This notice reduces the amount of time a contractor has to record a mechanics lien from 90 to 60 days, and reduces the time a subcontractor or materials supplier has to record a mechanics lien from 90 days to 30 days.

?Stop work notice? means notice given under this article by a direct contractor to an owner that the contractor will stop work if the amount owed the contractor is not paid within 10 days after notice is given.

A Stop payment notice, is a verified written notice signed by the claimant which formally notifies the property owner that the claimant has not been paid for their labor, services, equipments, or materials provided to the construction project.

A Payment Notice is a formal document issued by a paying party (usually the contractor, employer, or client) to notify the receiving party (typically a subcontractor or supplier) with details of the amount due for the work completed during a specific valuation period and how it has been calculated.

A stop notice gives notice to the company issuing the securities that the person serving the notice regards himself as the holder of an equitable interest in the securities and has the effect of preventing the securities being dealt with before that person has an opportunity to assert his claim.

A stop notice is sent to the owner to assert your right for the amount yet to be paid out on the project. It lets the owner know you are owed money by the general contractor or a lower tier subcontractor. The effect is the owner must ?stop? payment in the amount of your claim until the claim is resolved.

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Alabama Certificate of Satisfaction of Stop Notice Claim or Notice to Withhold Funds