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In the Spotlight: Lien Waivers ' What Do They Really Mean?
Lien waivers are a staple of construction projects. Everybody knows the importance of obtaining a lien waiver, although many owners and contractors never bother to collect them. However, do they know where the waiver forms themselves come from or what the waivers really mean? Unfortunately, many owners, contractors and subcontractors cannot answer these questions, and the consequences are often devastating.
The most generic form of lien waiver simply waives a contractor's right to assert lien claims on a project. For interim pay applications, this waiver of lien rights might extend through the date of the waiver, or might be effective only to the extent of payment. This is an important distinction. From the owner's perspective, it is preferable to use a lien waiver form that waives lien rights through the date of the waiver, as this may serve to waive lien rights for as yet unresolved claims for extras or delay. A contractor, however, will want to limit the lien waiver's coverage to the payment that is being received.
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