21:15
Feel like I can finally stop holding my breath!! Whew!!!
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LSDefine
Simple English definitions for legal terms
lien waiver
Read a random definition: Doctor of Jurisprudence
A quick definition of lien waiver:
A lien waiver is a written document that says a person won't try to put a lien on someone's property. A lien is like a claim that someone has on a property if they haven't been paid for work they did on it. So, if a subcontractor signs a lien waiver, they're saying they won't try to put a lien on the property they worked on. This is usually done so the owner or general contractor can get a loan to pay for the construction work.A more thorough explanation:
A lien waiver is a legal document that waives or gives up a person's right to place a lien on a property. A lien is a legal claim against a property that can be used to secure payment for work done or materials provided. A lien waiver is usually signed by a subcontractor in the construction industry to allow the owner or general contractor to receive a draw on a construction loan.
For example, if a subcontractor works on a construction project and is owed money, they may have the right to place a lien on the property to ensure payment. However, if they sign a lien waiver, they are giving up that right and cannot place a lien on the property.
Another example of a waiver is a jury waiver. In a criminal trial, a defendant may choose to waive their right to a trial by jury and instead have the trial conducted before a judge.
Overall, a waiver is a voluntary relinquishment or abandonment of a legal right or advantage. It can be express or implied, and may be reinforced by reliance or estoppel.