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Old 06-23-2014, 01:10 PM
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mcdow mcdow is offline
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lien

I am almost finished with my first large commercial job. I received an email from the contractor stating they need various things before the job finishes. One thing was a final waiver of lien with retainage invoice. I'm not 100% sure what this is. I would assume if I do send this then I would not be able to file a lien if they don't send my final payment. Is this correct, or does anyone know how I should proceed. Thanks.
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Old 06-23-2014, 01:25 PM
ztman ztman is online now
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I assume you are a sub. For the general to get paid, sounds like the owner wants a waiver of liens. Many times an owner will pay the general, but the general wont pay the sub, and the owner ends up with a lien on the property from a sub even though he already paid the general for the work. Read what the waiver says. If it says you have been paid in full, but you haven't, I personally would not sign it. You should get a check at the time you sign.
Retainage is just a percent of the contract price, usually 10%, held back until final completion.
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Old 06-24-2014, 01:07 PM
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mcdow mcdow is offline
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Yep a sub. Thanks for the info.
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Old 07-01-2014, 12:09 AM
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1idejim 1idejim is online now
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Quote:
Originally Posted by ztman View Post
I assume you are a sub. For the general to get paid, sounds like the owner wants a waiver of liens. Many times an owner will pay the general, but the general wont pay the sub, and the owner ends up with a lien on the property from a sub even though he already paid the general for the work. Read what the waiver says. If it says you have been paid in full, but you haven't, I personally would not sign it. You should get a check at the time you sign.
Retainage is just a percent of the contract price, usually 10%, held back until final completion.
Good advice. I once held up 1.2 mil on a $162.00 invoice. Got my money in a hurry
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