New Jersey Sample Letter concerning Stop Payment Notice

State:
Multi-State
Control #:
US-0063LTR
Format:
Word; 
Rich Text
Instant download

Description

Sample Letter concerning Stop Payment Notice

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FAQ

?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 mechanics lien is a "hold" against your property, filed by an unpaid contractor, subcontractor, laborer, or material supplier, and is recorded with the county recorder's office. If unpaid, it allows a foreclosure action, forcing the sale of the property in lieu of compensation.

Bond: The public entity may, in its discretion, allow the contractor to file a proper bond to obtain release of the withheld amounts. The bond must be issued by a corporate surety, and be in an amount equal to 125 percent (125%) of the claim stated in the Stop Notice.

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 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.

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New Jersey Sample Letter concerning Stop Payment Notice