Illinois Partial Lien Waiver - Mechanic Liens

State:
Illinois
Control #:
IL-012-09
Format:
Word; 
Rich Text
Instant download

Description

This is a partial lien waiver for a subcontractor to sign before receiving payment.
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FAQ

Negotiate with the contractor who placed the lien (the "lienor" to remove it. Obtain a lien bond to discharge the lien, or. File a lawsuit to vacate the lien.

The deadline for contractors and subcontractors to file their statement of mechanic's lien is four months (not 120 days) from the last date of work (exclusive of warranty work or other work performed free of charge), or from the last date that materials were supplied to the project.

The process of bonding off a mechanics lien starts after a claimant has filed a mechanics lien. After the claim is made, a general contractor or a property owner can contact a surety bond company to purchase a surety bond that replaces the value of the lien that was filed against the property.

Formalize a defense for disputing the amount of the lien. Gather supporting documentation for your rebuttal, depending on the type of lien. Contact the agent representing the creditor to dispute the amount of the claim. Negotiate a payment settlement with the creditor if you cannot pay the amount you owe in full.

Negotiate with the contractor who placed the lien (the "lienor" to remove it. Obtain a lien bond to discharge the lien, or. File a lawsuit to vacate the lien.

In order to enforce a lien, the contractor, subcontractor or supplier must file a lawsuit. The deadline to file a lawsuit is two years from the last date work was performed or materials were supplied. A recorded lien is valid for these two years, but a failure to sue within that time frame voids the lien.

Must Illinois lien waivers be notarized?Illinois does not require mechanics lien waivers to be notarized in order to be effective.

Partial lien waivers waive lien rights for a portion of the total contract value. For example, if a material supplier is expecting to be paid $30k for supplies delivered to a project but is to be paid in three installments of $10k each, they might sign a partial lien waiver for $10k for each payment received.

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Illinois Partial Lien Waiver - Mechanic Liens