Friday, July 29, 2016

Contractor Release

If you have a general contractor or any subcontractors working on your property, you might want to ensure that they sign a Release of Lien form when they receive payment in full for their services. This will prevent some unwanted surprises should they decide to lien your property with a mechanics or contractor lien for failure to pay for services. Contractors have up to 90 days following the last date of work to file such a lien against your property for which work was performed.

Here is a sample release of lien form:

General Liability Release of Claims
I, ________________________________, for and in consideration of the payment to me of $_________, the receipt and sufficiency of which is hereby acknowledged, do hereby release and forever discharge _______________________________________, their agents, employees, successors and assigns, and their respective heirs, personal representatives, affiliates, successors and assigns, and any and all persons, firms or corporations liable or who might be claimed to be liable, whether or not herein named, form any and all claims, demands, damages, actions, causes of action or suits of any kind or nature whatsoever, whether known or unknown, fixed or contingent, which I now have or may hereafter have or claim to have, as a result of or in any way relating to the follosing:
It is understood and agreed that this payment is made and received in full and complete settlement and satisfaction of the aforesaid actios, causes of action, claims and demands: that this Release contains the entire agreement between the parties; and that the terms of this Agreement are contractual and not merely a recital. Furthermore, this Release shall be binding upon the undersigned, and his respective heirs, executors, administrators, personal representatives, successors and assigns. This Release shall be subject to and governed by the laws of the State of Washington.
This Release has been read and fully understood by the undersigned and has been explained to me.
Executed this _________day of _________________, 20__.
Signed: _________________________________________________
Printed Name: ___________________________________________
This is not considered to be legal advice as I am not an attorney, and you should always consult your own legal counsel for guidance on legal matters.
Happy Investing!

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