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Final Lien Waiver
What is a final lien waiver?
A final lien waiver (or final release of lien) is a legal document signed by a contractor, subcontractor, or supplier confirming they’ve received full payment for a finished job—including any retainage—and are giving up their right to file a mechanics lien against the property.
Signed during project closeout, a final lien waiver gives the general contractor, owner, and lender peace of mind that all bills are paid and no future claims will pop up. These waivers can be:
- conditional (only effective once the final payment actually clears the bank) or
- unconditional (effective immediately upon signing).
How Siteline Helps:
Tracking down final waivers from lower-tier suppliers while trying to collect your final payout from the GC creates major closeout bottlenecks. Siteline automates the creation, collection, and tracking of progress and final lien waivers in one place—helping trade contractors clear project titles faster, satisfy GC requirements, and unlock retainage without the headache.
Trusted by trade contractors across the country
Other construction terms
What is Floating the Project?
"Floating the Project" in the construction industry refers to a project management technique concerning the manipulation of the project schedule. This term refers to the amount of time that you can delay a task, activity or a group of activities without causing an overall delay to the project schedule. It helps to understand and manage the flexibility you have on different parts of the project. In construction, adjusting the time frame of a floating project must be done carefully to ensure it doesn't impact other interlinked tasks. Good understanding and strategic use of float time can potentially save costs and ensure effective project delivery.
What is a Time and Materials Contract?
A Time and Materials Contract, often abbreviated as T&M, is a specific type of contract commonly used in the construction industry. It is a contractual format that indicates that the client will pay based on actual costs: the direct labor hours worked (time), the materials directly used in the final product, and a fixed add-on to cover overhead and profits. Unlike fixed-cost contracts, T&M agreements provide greater flexibility as the scope of work can change without having to negotiate a new contract. This type of contract is generally applied in projects where the full extent of the work cannot be determined at the outset. However, their major downside is the potential risk of cost overruns, which makes client oversight crucial.
What is Payroll?
Payroll, in the context of the construction industry, refers to the process by which a company pays its employees for their services performed within a specified pay period. It involves determining each worker's compensation, deducting appropriate taxes and other withholdings appropriately, and ensuring the net pay is transferred to the employee. In the construction industry, payroll can be complex due to the varied forms of employments like hourly wages, salaries, or contractual pay, and irregular work patterns. Payroll processes also play an essential role in construction project budgeting and cost management because labor often constitutes an important cost component. Therefore, effective payroll management is crucial in the construction industry.
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