Fieldwire
AUGUST 14, 2023
The practice dates back to the 1840s, dreamed up as a measure to reduce the owner’s risk and ensure that the project is fully completed according to the job specifications. It is governed by the contract, which means it’s part of the agreement between two parties. In some cases, states do make specific exceptions for retainage liens.
NH Construction Law
OCTOBER 9, 2019
RSA 447:9 and :10 provide that a mechanic’s lien must be secured through an attachment of the property improved within 120 days of the lienor’s last furnishing of labor or materials. I conclude that the 120-day deadline for an attachment to perfect a mechanic’s lien may be extended by agreement with the owner.
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Best Practices Construction Law
JUNE 15, 2022
shifting the risk of nonpayment … “Payment from the Owner to the Contractor is a condition precedent to payment from the Contractor to the Subcontractor.”). Generally, most states that have addressed the issue allow “pay if paid” clauses so long as there is clear and unambiguous language shifting the risk of non-payment to the subcontractor.
Levelset
FEBRUARY 10, 2022
Deep dive – Scope of Work: 6 Things Every Construction Agreement Should Include. Managing financial risk during preconstruction. The preconstruction phase isn’t without financial risk for those involved. However, mechanics lien laws typically only kick in once the property has been “improved.”
Levelset
APRIL 15, 2022
An assignment of benefits , or AOB, is an agreement to transfer insurance claim rights to a third party. A property owner and contractor can set up an assignment of benefits in two steps: The owner and the contractor sign an AOB agreement The contractor sends the AOB to the insurance company. The AOB agreements need to be in writing.
Green Building Law Update
AUGUST 16, 2020
That language accomplishes next to nothing for the seller or buyer and may only serve to mitigate risk for the real estate brokers. You understand and agree that this is a lease and not a sale agreement. That fixture filing is in most states a lien or encumbrance against the system.
Construction Marketing
JULY 11, 2022
If the principal’s bond application is approved, the surety company will require the principal to sign an indemnity agreement before it will issue the bond. The indemnity agreement provides that the principal will hold the surety harmless if a claim is filed against the bond. Sign the indemnity agreement.
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