A lien waiver requires a property owner’s name, the owner’s signature, the current date, and a description of the property being constructed or service being rendered. The lien also requires the construction company’s name, current date, and the signature and title of the contractor or subcontractor doing the work. Describe adequately in the document any service or work supplied by an individual or contractor.Continue Reading
According to Rocket Lawyer, a contractor has a right to put a lien on a property when a person does not pay for work the contractor has done. A lien waiver states that a contractor has been paid in full and releases any lien or claim that he has against the property worked on.
There are four types of lien waivers: conditional waivers on progress payment, unconditional waivers on progress payment, conditional waivers on final payment, and unconditional final waivers for final payment. Lien waivers on progress payments state that as long as a contractor has been paid to date, then he releases any right to a lien on the property. A lien waiver on final payment states that a contractor releases a right to a lien on the property only upon receipt of full and final payment.Learn more about Credit & Lending