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Renan torres-rivero Posted 17 years ago
Vocabulary
What does "waiver of lien rights" mean?
Dear native friends,
I'd like to know what "waiver of lien rights" means. This is the context of the expression:
«Subcontractor will submit to Contractor an invoice covering the value of the Work completed, one covering the period up top the 15th day of the month and one covering the period from the 15th day of the month up to the end of the month, based on the Subcontract Price as determined by Clause 6.3.1.1 and 6.3.5, together with such supporting documentation including, but not limited to waivers of lien rights, as may be required by Contractor.»
What does the bold expression mean? What do you understand by that expression?
ThanX in advance!
Cheers!
I'd like to know what "waiver of lien rights" means. This is the context of the expression:
«Subcontractor will submit to Contractor an invoice covering the value of the Work completed, one covering the period up top the 15th day of the month and one covering the period from the 15th day of the month up to the end of the month, based on the Subcontract Price as determined by Clause 6.3.1.1 and 6.3.5, together with such supporting documentation including, but not limited to waivers of lien rights, as may be required by Contractor.»
What does the bold expression mean? What do you understand by that expression?
ThanX in advance!
Cheers!
Top answer
It means that the subcontractor is being required to give up (waive) his right to place a lien (legal claim to ensure payment) on the property. You should look up the words in question for the full definitions.
- It means that the subcontractor is being required to give up (waive) his right to place a lien (legal claim to ensure payment) on the property.
- You should look up the words in question for the full definitions.
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1 Answers
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It means that the subcontractor is being required to give up (waive) his right to place a lien (legal claim to ensure payment) on the property.
You should look up the words in question for the full definitions.
You should look up the words in question for the full definitions.
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