waiver of lien

waiver of lien

An instrument by which a person or organization who has or may have a right of mechanic’s lien against the property of another relinquishes such right. Also see mechanic’s lien and release of lien.
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Competition in the construction industry was and is so fierce that owners and contractors were often able to get these contracts signed with waiver of lien rights when the contractors, subcontractors, and sub-subcontractors really did not wish to waive their lien rights, but felt compelled to do so in the competitive environment to get the work.
Fred Ode, CEO/Chairman and Founder of Foundation Software, comments on the addition of the Sworn Statement report, "Many Illinois contractors are required to provide a copy of either an Title Waiver of Lien to Date or Final Waiver of Lien with their accounts receivable invoices.
Subcontractor's Final Affidavit and Waiver of Lien, Form 7-740 (rev.