Mechanic’s Lien Bond -
A mechanic’s lien or contractor’s lien as it is also referred to, defends contractors and denotes the issues they have with the people who have hired them. Liens of this nature are in support of contractors, subcontractors, suppliers, and builders that have provided services to a property. These services can include renovations, construction, furnishings, and more.
In the event that any one of these workers has not been paid, a mechanic’s lien can be filed. This claim operates as a principal force ensuring that contractors or suppliers are paid for the services and supplies they have provided.
Should the property owner choose not to pay, they will have trouble selling their property and the land it is on. Once issued, the property owner is subjected to the rulings outlined in the mechanic’s lien bond. A mechanic’s lien will hinder landowners from selling their property successfully.
What Is A Release of Lien Bond?
If a property owner wishes to issue a release of lien bond, this does not affect the contractor. The landowner is still responsible for paying the supplier entirely. However, the property owner can put the property up for sale, renovate and complete additional work, despite the lien sanctioned against their property.
In this situation, the lien is assigned to the bond. This assures that the payment that is due to the contractor is paid completely and the court resolves this issue.
Surety Bond Professionals
As experts in this field, we have worked with many contractors. We have encountered many situations that have called for such lien bonds. In fact, we deal with them all the time, and we have many surety markets that will write this type of bond.
We understand that when a job is finished, it is only right that the party responsible for the completion of the work receives payment for their services. Contractors work laboriously. A mechanic's lien bond is a surety bond for contractors and those alike, and it ensures that they are compensated for their hard work.
If you are a contractor, subcontractor, supplier, or builder and are seeking restitution for work on a property that you have completed, contact Surety Bond Professionals. We will work with you to ensure that you obtain outstanding payments.
Complete our bond application form, so that you can communicate with our experts. We will provide you with all of the information you require, as we specialize in bonds. Do not hesitate to contact us. Our team looks forward to assisting you in receiving the compensation you deserve.