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What is a Lien Waiver in Construction 🚧 How it Works Example
>> YOUR LINK HERE: ___ http://youtube.com/watch?v=LDn6Kfdnm3o
Lien waivers are basically the construction industries' version of a receipt. Send request lien waivers for free at https://www.levelset.com/lien-waivers/ • 00:00 - What is a Lien Waiver • 00:33 - Example of Lien Waiver • 01:15 - States that Require Lien Waivers • 02:11 - How to Read a Waiver • #LienWaivers #ConstructionPayment #MechanicsLien • Watch this video to learn the most important elements of a lien waiver. Lien waivers are documents exchanged on construction projects to help keep the property free of mechanic's liens. They are exchanged all the time on projects large and small and are an important part of the payment process. You can think of lien waivers as the construction industry’s version of a receipt for payment. • Like a receipt at Costco, it proves that payment is being exchanged for some work or materials, and works to limit potential lien liability. Here’s an example of a lien waiver in action: A general contractor pays a subcontractor $50k for re-shingling a roof. The subcontractor then signs a waiver to give up lien rights on the fifty thousand dollar amount they were paid. It’s as simple as that. • Lien waivers protect everybody. In the example above, the GC is protected from the threat of a mechanics lien for the work performed and paid for, and the subcontractor can safely waive lien rights since they've been paid. When lien waivers are exchanged the right way, both parties get what they earned, and the payment process is fair and transparent. • If you are sending waivers on a project in one of these 12 states (1:19) You MUST use a specific lien waiver form that’s required by the state’s lien law statutes. That means if the wrong form is used in one of these states, the lien waiver might not be effective to waive anything. It also means that the language has to be exactly what the state requires - and the law is serious about its mandate. The state of Florida is an odd exception because you’re not technically required to use the statutory form - you just can not be forced to use a different form. If you are doing work in one of the other 38 states, the language in a lien waiver can vary greatly. Some contractors or property owners might even include unfair language or legal terms, so make sure you read them carefully before signing any waiver. Levelset is here to help you with lien waivers. Visit http://levelset.com to learn more about lien waivers, or to send request lien waiver through our easy-to-use platform. And remember, payment help is here. • Levelset helps contractors and suppliers get payment under control, and sees a world where no one loses a night’s sleep over payment. • Over 500,000 contractors and suppliers connect on Levelset’s cloud-based platform to make payment processes stress-free. Users easily exchange payment documents like lien waivers, pay applications, and preliminary notices, they see a complete picture of who is on their job, and are empowered with the resources and knowledge they need to be confident in payment. The results are faster payments and fewer surprises. • Want to become a payment expert? Subscribe to get notified when new construction payment videos are uploaded: https://www.youtube.com/c/levelset?su...
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