Mechanic’s Liens and Bond Claims
Options to Improve Your Bottom Line!
You weigh many factors when you determine your risk: your customer’s viability, the value of a contract, the project information, a state’s mechanic’s lien laws and even the cost to secure your rights.
Now you can spend less & secure more with NCS Premium and Express Mechanic’s Liens and Bond Claims. These cost effective solutions enable you to better manage your risk profile, generate stronger cash flow and reduce DSO!
Express Mechanic’s Liens and Bond Claims
Recommended only for small claim amounts where complete information is available. NCS will record the document using only the information provided on the transmittal form, and will serve parties with a copy of the documents via certified mail.
Recommended Parameters
- Low dollar exposure
- When notice / lien / bond claim is being used as a collection tool
- Project information is reliable
- Notice of Commencement States (project information provided within Notice of Commencement)
Premium Mechanic’s Liens and Bond Claims
With this option, recommended for those projects with lower exposure, and where the client has reliable project information, NCS uses the project information provided by the client to file documents on their behalf. NCS reviews the project information for reasonability, including all statements, invoices, or other backup documentation. NCS will attempt to verify property ownership and, where required will attempt to obtain a legal description of the property. NCS will utilize public records (assessor and recorder office websites) as well as an online resource specializing in real estate property records. Attempts will be made to verify the required associate’s names and addresses through corporate searches, as needed.
Recommended Parameters
- Lower contract amount – lower dollar exposure
- Notice of Commencement States (project information provided within Notice of Commencement)
- Comfortable with the project information; project information is accurate
- Reduces the risk of an invalid lien / bond claim
- Bankruptcy has not been filed
Attorney Mechanic’s Liens and Bond Claims
This is the preferred option for clients who do not have complete project information, who have high dollar exposure on a specific project, or when complex factors are involved, or when legal advice is needed. The construction attorney, local to the project, confirms the project’s ownership, obtains the legal description where required, and applies the local statute. Checking public records or making phone calls to gather information may be involved in this process.
Recommended Parameters
- High contract amount – large dollar exposure
- Uncomfortable with project information, incomplete or unreliable project information
- Bankruptcy has been filed
- Extenuating or more complicated circumstances are involved (multiple parcels, multiple owners, complex title searches, condominiums, quasi private/public projects, oil and gas liens, etc.)