By Mary Howard Having a company of your own is a good thing. However, some things may come up that may threaten the business. It is theref...
Having a company of your own is a good thing. However, some things may come up that may threaten the business. It is therefore essential to know how you can protect your company when a claim has been made against you. There are several procedures that companies and service providers should follow when planning to file claims. Also, when you want to have your claim released, you should follow certain processes. This article will provide you with five types of NY Lien Services your construction company can get.
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 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.
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 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.
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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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