A Guam Waiver of Lien Claim by Subcontractor is a legal document that releases the rights of a subcontractor or supplier to place a lien on a property or project in Guam. This waiver is typically used in construction or real estate projects where subcontractors have been hired to provide labor or materials. By signing a waiver of lien claim, the subcontractor acknowledges that they have been paid for their services or materials and therefore waives their right to place a lien on the property. This waiver protects the property owner from potential legal issues that could arise from unpaid subcontractors. There are two main types of Guam Waiver of Lien Claim by Subcontractor: 1. Conditional Waiver: This type of waiver is used when the subcontractor has only partially received payment for their services or materials. It indicates that the subcontractor will waive their lien rights once they receive the remaining balance owed. 2. Unconditional Waiver: This waiver is used when the subcontractor has received full payment for their services or materials. By signing this waiver, the subcontractor permanently relinquishes their right to place a lien on the property, even if they were to later discover a payment discrepancy. It is important for both subcontractors and property owners in Guam to understand the purpose and implications of a waiver of lien claim. Property owners should ensure that subcontractors sign the appropriate waiver to protect themselves from potential legal complications, while subcontractors should carefully review the terms of the waiver to avoid unintentionally waiving their rights to payment. Keywords: Guam, Waiver of Lien Claim, Subcontractor, construction, real estate, legal document, property owner, lien rights, conditional, unconditional.
Guam Waiver of Lien Claim by Subcontractor
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