The Partial Release of Lien Form is a document created by the claimant to release the lien and confirm the transfer of partial payment for work done. Most often, partial payment for work is used to create long-term projects for which mechanical contractors are hired.
A partial lien release is most often used to reduce the size of bail. That is, partial release of lien does not release from the entire lien, but only from that part of the lien, which is equal to the interim payment for work.
Please note that the release of liability form must be signed and drawn up in the district where the property is located. For the mechanic’s lien form to come into force, it must be signed in the presence of a notary public.
Most often, partial release of lien is used when remunerating workers participating in a project. At the same time, the work can be of any kind, but most often, subcontractors’ work is paid in this way, as well as the work of suppliers of materials for construction and creating a project.
Partial release of the lien implies a partial release from the bond, and the decrease in the bond is equal to the amount of remuneration made at this stage of work. Therefore, the creation of this document indicates that the employee will receive another payment (or payments) for this project.
Taking a responsible approach to creating a partial release of lien will help you avoid the potential hassles of paying contractors and material suppliers. Among other things, if all documents are created correctly, they can be used in court if the need arises. Below, you will find the necessary steps to follow when creating a partial release of lien form.
To get the best results, we recommend that you use our form-building software. If you have any questions or doubts when filling out a partial release of lien, seek professional legal advice. Below, you will find a step-by-step guide to filling out a partial release of lien.
Specify the Date
The first thing to do when filling out a partial release of lien is to fill in the date, indicating the day, month, and year.
Enter the Contractor’s Name
Enter the contractor’s name under the date.
Enter the Address and Name of the Project
You also need to indicate the project’s name and legal address under the contractor’s name.
Specify Payment Amount
In the next section of the document, you need to repeat the information already entered in the appropriate blanks. After that, indicate the amount of payment by entering it in dollars.
Sign the Document
Sign the document with the notary public present; the document will be considered valid only if you meet this condition.