Why Construction Lien So Important In The Present Age?

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When a contractor makes a budget for a project, the construction proposed

form is used to mention all of the materials, personal information of the owner

and the contractor. The entire process of the proposed project and what it does

not cover is also mentioned in the form of the proposed project. Some proper or

standard forms are used by contractors or owners for construction projects.

They include the number of forms like AIA G702 and G703 which are the types of

Application for different Payment and number of Continuation Sheet. These two

forms are used to put together for any number of projects where the contractor

or the owner has made an agreement straight away with the client. The usage

of the form G702 will also make the contractor to be appearing professional and

well organized in the process of providing a great deal of information to the

necessary parties.

Once the contractor has completed or duly filed the Construction Lien and signed

the different form of AIA 702, it will be sanctioned by the notary office. They will

go to the architect for review of the same, and finally to the owner who will

approve it. The owner may use these documents as a reference point to make

payment to the contractor in the amount that is mentioned in the form. These

forms are used to make sure that the correct payment is given to the contractor

for the work that has been completed or accomplished.

The standard form or the normal used by the contractor is the release of

Condominium Lien. This form clearly states that upon the condition or the

method of the payment for a specified amount, the contractor offers a lien for

work that is performed. It is also for items that have been provided for

according to a written change order of the same. This form makes sure that the

owner keeps their property safe while protecting the contractor while

maintaining the right to payment. Some of the above mentioned forms that

might be used or carried forward throughout the project. This includes the

change that will take place in the prices during the process of completion of the

project.