mercredi 3 juillet 2019
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5 Essential NY Lien Services For The Construction Industry
When a company owes you money, or you owe it money, it is essential to know the processes you should follow to protect your business. Knowing the procedures that are followed when filing claims or releasing claims that have been filed against you is essential to protect your business. This is critical in all companies, especially the construction industry. There are several NY Lien Services that all construction companies should know about. Continue reading to know more concerning these types of claims.
Whether you have a big or small company, you retain your right to be served in case of issues. Thus, the procedures, as well as protocols that are followed by companies that provide lien services. More so, the paperwork should be organized and updated at all times. These providers ensure that the stakeholders have been paid what they are owed in time. Thus, stakeholders are protected.
There are five important types of assistance that are very common but crucial to construction companies. All companies specializing in these types of claims offer them. Thus, contractors and suppliers should know about them. Also, they should have an idea of what each of them does. With this knowledge, they will know what kind of service they need when they look for providers.
The first service is called the preliminary notice. This is specifically meant for the property owner. This notice is served to property owners as a notification or reminder that a contractor or supplier is ready to provide a particular form of help or assistance. This includes labor, materials, and equipment to improve or remodel an existing property of the property owner.
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.
Suppliers and contractors working on a particular company can also issue a stop notice. This notice indicates that the contractor has completed his work. Also, it indicates that the supplier has provided certain materials. The cost of the entire project is also indicated. The stakeholders also indicate what has been paid for and what has not been paid for.
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 notices are usually provided to protect federal projects. These projects are federally funded. Hence, any contractor or supplier that may not have received payment can file the claim. When the claim is filed, these workers receive the entire amount they are claiming for.
Whether you have a big or small company, you retain your right to be served in case of issues. Thus, the procedures, as well as protocols that are followed by companies that provide lien services. More so, the paperwork should be organized and updated at all times. These providers ensure that the stakeholders have been paid what they are owed in time. Thus, stakeholders are protected.
There are five important types of assistance that are very common but crucial to construction companies. All companies specializing in these types of claims offer them. Thus, contractors and suppliers should know about them. Also, they should have an idea of what each of them does. With this knowledge, they will know what kind of service they need when they look for providers.
The first service is called the preliminary notice. This is specifically meant for the property owner. This notice is served to property owners as a notification or reminder that a contractor or supplier is ready to provide a particular form of help or assistance. This includes labor, materials, and equipment to improve or remodel an existing property of the property owner.
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.
Suppliers and contractors working on a particular company can also issue a stop notice. This notice indicates that the contractor has completed his work. Also, it indicates that the supplier has provided certain materials. The cost of the entire project is also indicated. The stakeholders also indicate what has been paid for and what has not been paid for.
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 notices are usually provided to protect federal projects. These projects are federally funded. Hence, any contractor or supplier that may not have received payment can file the claim. When the claim is filed, these workers receive the entire amount they are claiming for.
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.
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