How would you explain what a waiver is? In the construction business contractors use waivers to produce funds for work needed or described on the waiver of lien to date?
2006-10-27 02:51:42 · 2 answers · asked by Naszir 1 in Business & Finance ➔ Credit
Laws vary from state to state of course, in many states contractors can put a lien (think mortgage) on a real estate parcel in order to try to collect unpaid bills for construction or remodeling work. This is commonly known as a mechanic's lien. In some states a mechanic's lien jumps in front of a bank mortgage. When paying a contractor, the owner and/or mortgage lender often times will require a contractor to sign a waiver saying in effect "I have been paid for my work and I will not and cannot put a lien on this property".
Hope this helps.
2006-10-27 04:20:33 · answer #1 · answered by Adoptive Father 6 · 0⤊ 0⤋
Can you get a waiver and pay after paid
2015-01-28 00:41:38 · answer #2 · answered by Bob Nickolson 1 · 0⤊ 0⤋