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North Dakota Notice by Contractor to Claimant of Dispute of Claimant's Claim Described in Stop Notice or Notice to Withhold Funds to Holder of Funds

Category:
Construction - Contractors
State:
Multi-State
Control #:
US-01039BG
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Word; 
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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 contractor is informing the claimant that he is contesting complainant's claim and sending a copy of this notice to the holder of the constructions funds.


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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  • Preview Notice by Contractor to Claimant of Dispute of Claimant's Claim Described in Stop Notice or Notice to Withhold Funds to Holder of Funds

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How to fill out Notice By Contractor To Claimant Of Dispute Of Claimant's Claim Described In Stop Notice Or Notice To Withhold Funds To Holder Of Funds?

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FAQ

The Stop Notice procedures involve three basic steps:First: If you are not the general contractor, serving a preliminary 20-day notice;Second: Serving the Stop Notice; and.Third: Filing a lawsuit to enforce the Stop Notice.

A payment bond is like a wall of money that protects the property itself from lien claims. If a construction party isn't paid, they can make a claim against the bond. With a little thought, it is clear why a mechanics lien is not applicable to public projects.

Worse, the lienor can be liable for damages including attorneys' fees, court costs and, potentially, punitive damages. Additionally, if the lienor files the fraudulent lien willfully, the consequences may include a third degree felony charge.

A Discharge of Mechanic's Lien Bond amount will always be at least 110% of the lien face value. For example, if the lien is for $50,000, then the Mechanic's Lien Bond amount will usually have to be at least $55,000.

When a lien is bonded off, a payment bond is available to pay off the lien. This provides a guarantee for payment to the construction firm and allows the property owner to be able to sell, finance or transfer the property without fear of a lien on the title.

A stop notice is a document given for the purpose of stopping, intercepting, or freezing funds that have not yet been paid on a construction project in an attempt to ensure payment.

Which of the following is an example of circumstances under which a mechanic's lien might not be enforced? If a contractor performs deficient work.

A stop notice notifies either the prime contractor, property owner, or construction lender that payment is due and that they must withhold enough funds to pay your claim before payments continue to the general contractor. Failure to pay you could result in you stopping work or filing a bond claim.

As far as the contractor and owner should be concerned, the mechanics lien problem is then solved. A different rule applies however when the prime contractor is forced by the owner to supply a mechanics' lien release bond. In such a case the deadline to file a lawsuit is extended by another six months.

Lien release bonds can be an effective way for owners to free their property from lien claims, enabling them to refinance or sell the property. However, it doesn't free them from the obligation to pay the debt. It simply substitutes one form of payment security for another.

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