Lien On Me

"It's what you don't know that gets you into trouble. It's what you know for sure that just ain't so." A famous quote by... ? Let's go over what you need to know about construction liens. They can have a big impact on construction contracts and companies. A Mechanic's Lien is filed when a subcontractor or supplier on a construction project fails to be paid. The lien is a form of claim filed against the project itself. For example, the unpaid mason (subcontractor) files a claim against the building owner. "My bricks and labor are in that façade. I can't take them back now, but assert that I'm owed money!" Liens are used on non-governmental projects. Typically, claimants are prohibited from liening a public building - which is where Payment Bonds come in. Issued by surety companies, the payment bond is a resource to protect suppliers of labor and material from non-payment. 7WZX8tyd
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