Lien waiver

Lien waiver,

Definition of Lien waiver:

  1. A lien waiver is a written agreement between a payer and a counterparty where said counterparty gives up their right to place a lien on the payer's property or goods.

  2. A lien waiver is quite common in the construction business. Essentially, it is a document from a contractor, subcontractor, supplier, or another party who holds a mechanic's lien that states they have been paid in full and waive future lien rights to the disputed property.

  3. A waiver of a mechanics lien rights that is sometimes required before the general contractor can receive money under the payment provisions of a construction loan and contract.

How to use Lien waiver in a sentence?

  1. Lien waivers are often used in the construction industry throughout phases of projects.
  2. A lien waiver is similar to a receipt and can prevent a mechanic's lien from being filed.
  3. A lien waiver is a written agreement between a payer and a counterparty where said counterparty gives up their right to place a lien on the payer's property or goods.

Meaning of Lien waiver & Lien waiver Definition