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Construction glossary

What is a Lien Waiver?

A lien waiver is a legal document used in the construction industry that is often exchanged between parties involved in a construction project. This waiver essentially absolves or "waives" the claimant's (typically a project participant like a contractor, subcontractor, or supplier) right to impose a lien on the property for the amount they have been paid. It's often used upon payment to ensure that the payer is protected from double payment or any encumbrances on the property related to payment disputes. There are four general types of lien waivers: conditional and unconditional, each of which can be used for progress or final payment. Each type has its own legal implications, so it's important to understand them fully before signing.

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Other construction terms

Depreciation

What is Depreciation?

Depreciation in the construction industry refers to the decrease in value of a building or infrastructure over time due to natural wear and tear, damage, ageing, or obsolescence. It's a concept that p...
Cash Flows Statement

What is a Cash Flows Statement?

A Cash Flows Statement, specifically in the construction industry, serves as a financial document that provides a detailed summary of a company's cash inflows and outflows over a certain period. This ...
Lender

What is a Lender?

A lender, in the context of the construction industry, is a bank, financial institution, or a private individual that provides funds for construction projects. They lend money with the understanding t...

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