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Illinois Agreed Order Substituting a Bond For Property Subject to...

Illinois Agreed Order Substituting a Bond For Property Subject to Allen Claim

Name: Illinois Agreed Order Substituting a Bond For Property Subject to Allen Claim
Brand: US Legal Forms
Price: 59.00 USD
Rating: 4.56 (286 reviews)

Category:

Illinois Local County - Cook

State:

Illinois

Control #:

IL-LR159T

Format:

Instant download

Description

This surety bond is hereby substituted for the property securing the lien claims.

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FAQ

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.

To enforce the lien, the contractor must file a lawsuit within 90 days from the date of recording the lien. If this deadline is passed, the contractor may not be able to enforce the lien and may be required to remove the lien.

California Mechanics' Lien law provides special protection to contractors, subcontractors, laborers and suppliers who furnish labor or materials to repair, remodel or build your home.The mechanics' lien is a right that California gives to workers and suppliers to record a lien to ensure payment.

A Release of Mechanic's Lien Bond is a type of surety bond that clears the mechanic's lien from the property. These bonds can also be called a Discharge of Mechanic's Lien Bond. By clearing the lien, the owner is free to sell or use the property for other purposes.

Bonding off a mechanics lien describes the process of substituting a surety bond for the underlying property in a mechanics lien claim.After bonding off a mechanics lien, this bond is substituted for the owner's property it is now the subject of the claim for non-payment instead of the project property.

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.

The simplest way to prevent liens and ensure that subcontractors and suppliers are paid is to pay with joint checks. This is when both parties endorse the check. Compare the contractor's materials or labor bill to the schedule of payments in your contract and the Preliminary Notices.

When the lien is bonded off, the surety company (or, in the case of a general contractor bonding off the lien itself, the general contractor) is guaranteeing payment of a claim if the claimant prevails in court enforcing the claim.

The most common way to reduce or even eliminate mechanic's lien risk is through the use of lien waivers. A lien waiver is a private agreement in which a party surrenders the right to file a lien in exchange for payment.

Illinois Agreed Order Substituting a Bond For Property Subject to Allen Claim

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