grammar - "bound" or "bonded" - English Language & Usage Stack Exchange
It can be good for all parties involved, even including the original claimants. Rather than potential foreclosure, when a lien is bonded off, a surety bond is available to pay a claim. Instead of a potentially lengthy enforcement action on the horizon, a relatively streamlined bond claim process may make life easier. Need to file a Bond Claim?
What Does Bonded Mean on a Job Application?
On the other side of the table, it also allows the project to continue without interruption from mechanics liens , and an owner can rest assured that their property title will be free and clear. Commonly, a lien claimant will have to take extra steps after a lien is bonded off, even while continuing the mechanics lien process. Contractors sometimes use the ability to bond off a lien as a threat.
They may make it sound like your lien will just disappear. In reality, having your lien claim bonded off could be awesome news! Bonding off a lien is not necessarily a threat to your claim. Instead, a surety bond will replace the property that the lien was filed against.
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Ultimately, it may be easier to receive payment after the lien is bonded off. A successful bond claim will result in payment from the surety, which has guaranteed that funds will be available for valid claims. A valid lien claim still faces a long and potentially nasty lien foreclosure process. Bonding off a lien claim on your project will benefit both a general contractor and an owner of the property.
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Mechanics liens are frustrating for general contractors and property owners because the liens can put the project on hold and potentially put the property at risk for foreclosure. Bonding off a lien claim allows your project to progress smoothly for all parties! But general contractors and property owners should be aware that bonding off a lien claim is only temporary relief from the lien. During this temporary relief, the general contractor or the property owner can try and resolve the dispute, fight the lien in court, or pay the contractor the disputed amount.
For general contractors, it is a good idea to bond off lien claims on your project. First, keeping the property free from liens is often required by the contract between a GC and the property owner. Plus, some states actually require a contractor to step in and defend bond claims made by subs and suppliers.
For property owners, the benefit of bonding off a lien is obvious. In Stock. Where the Dead Go. Good Girl, Bad Girl. No Mercy. Cold Fear Matthew Cave Thriller. The Scholar Cormac Reilly : Book 2. The Lying Room.
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- bond | meaning of bond in Longman Dictionary of Contemporary English | LDOCE?