“Lien Waivers are common in construction credit. Project owners will often require lien waivers from contractors, subcontractors & suppliers to alleviate the possibility of subsequent mechanic’s lien filings. Lien Waivers are also one of the most misunderstood and misused documents in construction credit. It is crucial for all credit professionals to understand the verbiage, potential remedies and potential consequences of lien waivers, prior to signing the document.
Simple Definitions
Lien Waivers have a tendency of creating considerable confusion, so let’s take a quick look at the fundamental definition of our “key” words.
- Conditional: subject to requirements; made or granted on certain terms
- Unconditional: not subject to requirements; absolute
- Partial: existing only in part; incomplete
- Final: the last; end; termination or conclusion
If we pair up these definitions, we will begin to see the “purpose” or “core” of the type. For example, Partial + Conditional = existing only in part and is subject to requirements.”
This white paper, written by Kristin Alford of NCS, will provide you with an understanding of the four primary types of lien waivers. She reviews the key features of lien waivers, lien waiver language and common lien waiver questions with answers. Download this white paper now to learn more.
Agenda
Faculty
Kristin Alford
NCS
Kristin Alford is the Education & Marketing Specialist for NCS, the leader in providing credit professionals throughout the U.S. and Canada with proactive solutions to secure receivables, minimize credit risk and improve profitability. With uncompromising standards for professional support, NCS ensures our service groups exceed your expectations and successfully secure your tomorrow.
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