Construction glossary
Construction Glossary •
Unconditional Lien Waiver
What is an Unconditional Lien Waiver?
An Unconditional Lien Waiver in the construction industry is a signed document from a contractor, subcontractor, materials supplier, laborer, or other party involved in a construction project, which gives up their right to place a lien on the property unconditionally, typically after they have received full or partial payment for their work or materials. It serves as a guarantee to the property owner that they will not face a lien, or legal claim against their property, for this party's unpaid work or supplies, regardless of whether the party is subsequently paid in full or not.
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Other construction terms
Request for Information (RFI)
What is a Request for Information (RFI)?
A Request for Information (RFI) in the construction industry is a formal process through which a party involved in a construction project request details about a document or a process. It acts as a vi...
Draw Request
What is a Draw Request?
A Draw Request, in the realm of construction, is a formal process involving a requisition for payment for work performed on a specific job or within a specified period on a project. This request is ty...
Markup
What is Markup?
Markup in the construction industry refers to the percentage increase added to the actual costs of construction projects to determine the selling price. The markup covers overhead expenses, such as ad...
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