Nevada Sample Letter concerning Stop Payment Notice
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How to fill out Sample Letter Concerning Stop Payment Notice?
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FAQ
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.
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.
?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 Notice is a document sent to the construction lender, property owner, or public entity for the purpose of stopping, freezing, or intercepting unpaid construction funds.
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.
