Hi guys,
I've been going back over contract documents lately and I've got a question about Lien waivers / affidavits required at the time of each request for payment vs. the need for the owner to file notice of completion and shorten the the lien period.
This may just be areal world vs. test knowledge thing, but if the Owner is obtaining lien releases along the way and at final payment, why the need for protection again at final completion?
Is it just that reality says the owner doesn't actually get these waivers at each payment?
Does it come into play just when a project goes south at the end around the time of final payment/completion?
Just wondering how this squares in the real world in the course of closing out a project.
Most of my work has been international for the last ten years, so I don't have a lot of practical experience in C.A. work in the states.
Thanks,