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Selling a House with Solar Panels is Fraught with Peril

Green Building Law Update

That language accomplishes next to nothing for the seller or buyer and may only serve to mitigate risk for the real estate brokers. You understand and agree that this is a lease and not a sale agreement. That fixture filing is in most states a lien or encumbrance against the system.

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What is a ‘Mechanic’s Lien’: Understanding Your Rights and Obligations

Building Radar

A mechanic’s lien is a legal claim against a property for unpaid work or materials provided during construction or renovation. Understanding how mechanic’s liens work, including your rights and obligations, is crucial for anyone involved in construction projects, whether you’re a contractor, subcontractor, or property owner.

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How a Construction-to-Permanent Loan Impacts Contractors & Lenders

Levelset

However, before starting work on a building financed with a construction-to-permanent loan, both property owners and contractors need to understand the risks. Contractor risks with a construction-to-permanent loan. There are common risks that are prevalent in every construction loan program. Failing to protect lien rights.

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Virginia Joins 11 Other States Prohibiting Pay-If-Paid Clauses in Construction Contracts

Best Practices Construction Law

shifting the risk of nonpayment … “Payment from the Owner to the Contractor is a condition precedent to payment from the Contractor to the Subcontractor.”). Generally, most states that have addressed the issue allow “pay if paid” clauses so long as there is clear and unambiguous language shifting the risk of non-payment to the subcontractor.

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7 Things Contractors Need to Know About Retainage

Fieldwire

The practice dates back to the 1840s, dreamed up as a measure to reduce the owner’s risk and ensure that the project is fully completed according to the job specifications. It is governed by the contract, which means it’s part of the agreement between two parties. In some cases, states do make specific exceptions for retainage liens.

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Common Law Analysis – Pay-if-paid, Pay-when-paid & Liquidating Agreements in Construction Contracts

Construction Law Monitor

Liquidating Agreement. Another technical term that is not often discussed in construction, yet is present in many construction contracts is the mechanism know as a “liquidating agreement” Sloan pg 16. Do not confuse a liquidating agreement with liquidated damages. Click here for Daniel S. Sloan pg 17. See Carl A.

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What Contractors Need to Know About Surety Bonds

Construction Marketing

If the principal’s bond application is approved, the surety company will require the principal to sign an indemnity agreement before it will issue the bond. The indemnity agreement provides that the principal will hold the surety harmless if a claim is filed against the bond. Sign the indemnity agreement.