All companies, including the construction companies, have the right to run their businesses successfully. However, sometimes, the contractors may not be paid for their work. Also, the suppliers may not be paid after providing these companies with materials. The companies may also pay these stakeholders but fail to get their work does. Hence, the only way to get compensated is filing claims. These claims are essential because they ensure that everyone has been served accordingly. Five main forms of NY Lien Services are provided to construction companies. Below is a list of these liens.
All construction projects are important, from the biggest to the smallest one. Therefore, the processes, procedures, and protocols that these companies go through are the same. The paperwork involved should be current and organized. Also, all parties involved, including contractors and suppliers, should be paid in time. Thus, many providers offer lien services to make sure that all stakeholders are protected.
This form of assistance or service is usually divided into five common parts. All five parts are important in the construction industry. Hence, suppliers, contractors, and project owners must be aware of all of them and their roles. When all the parties are aware of this, they will know the kind of service they will ask for if need be.
The property owner can be served with the preliminary notice by contractors or his suppliers. This is the first notice on the list. It is provided to project owners to remind as well as notify them that certain suppliers and contractors are ready to work or provide certain critical materials. Thus, the owner can respond in case he needs the property to be remodeled.
The second category of these notices is called the mechanic service. This is designed for both real property and personal property. Its names are different. Hence, the name it will be given will depend on the kind of property. The notice is typically placed on titles of properties. It indicates that the individual is financially interested in the property. Hence, the claim on the property should be released. This service is also critical for enforcing payment.
The third option is called the stop notice service. This notice is usually made by the supplier or a contractor on a specific construction project. This notice indicates the supplies or materials that were provided, or are going to be provided to the project owner. The cost of the project and the amount paid already are indicated.
A bonded stop notice is the fourth service. This is meant to benefit the general contractor or the property owner. This notice may look like a regular stop notice. However, the difference is that it is given with a bond of about 125 percent of the claim. This notice ensures that the original contractor or owner have been covered if damages occur.
Miller act is the fifth notice that is mainly designed for projects that are funded by the federal government. Hence, if contractors are not paid after working on the project or a supplier has not been paid, the miller act notice can be provided. These individuals are then paid.
All construction projects are important, from the biggest to the smallest one. Therefore, the processes, procedures, and protocols that these companies go through are the same. The paperwork involved should be current and organized. Also, all parties involved, including contractors and suppliers, should be paid in time. Thus, many providers offer lien services to make sure that all stakeholders are protected.
This form of assistance or service is usually divided into five common parts. All five parts are important in the construction industry. Hence, suppliers, contractors, and project owners must be aware of all of them and their roles. When all the parties are aware of this, they will know the kind of service they will ask for if need be.
The property owner can be served with the preliminary notice by contractors or his suppliers. This is the first notice on the list. It is provided to project owners to remind as well as notify them that certain suppliers and contractors are ready to work or provide certain critical materials. Thus, the owner can respond in case he needs the property to be remodeled.
The second category of these notices is called the mechanic service. This is designed for both real property and personal property. Its names are different. Hence, the name it will be given will depend on the kind of property. The notice is typically placed on titles of properties. It indicates that the individual is financially interested in the property. Hence, the claim on the property should be released. This service is also critical for enforcing payment.
The third option is called the stop notice service. This notice is usually made by the supplier or a contractor on a specific construction project. This notice indicates the supplies or materials that were provided, or are going to be provided to the project owner. The cost of the project and the amount paid already are indicated.
A bonded stop notice is the fourth service. This is meant to benefit the general contractor or the property owner. This notice may look like a regular stop notice. However, the difference is that it is given with a bond of about 125 percent of the claim. This notice ensures that the original contractor or owner have been covered if damages occur.
Miller act is the fifth notice that is mainly designed for projects that are funded by the federal government. Hence, if contractors are not paid after working on the project or a supplier has not been paid, the miller act notice can be provided. These individuals are then paid.
About the Author:
You can get a detailed list of the factors to consider when choosing a provider of NY lien services at http://www.capitalautotagandtitle.com/lien-services right now.
No comments:
Post a Comment