What is a Final Lien Waiver?
A Final Lien Waiver is a legal document used in the construction industry that signifies the completion of a construction project or a certain phase of it. This document is issued by a contractor, subcontractor, materials supplier, or other party involved in the project, indicating that they have received full payment for their services or supplies and thereby waiving their right to place a lien on the property. Thus, it safeguards the property owner from potential financial liabilities. Final Lien Waivers are critical tools in construction-related transactions, providing assurance to all parties that work has been satisfactorily compensated, eliminating the risk of double payment, and helping to prevent future disputes over payment.