What does lien waiver mean in construction?
Short definition
A lien waiver is a document that waives or releases lien rights for payment received or expected.
Longer explanation
Lien waivers are commonly exchanged with pay applications to reduce the risk of payment disputes and claims against the property.
Example in context
“The project team reviewed the lien waiver during the construction phase.”
Common users
- Owners
- Architects
- Contractors
- Construction managers