Negotiating a contract and knowing what to do and how to respond if one has been breached is important to any construction or real estate project. Contract terms that are negotiated and included in a properly executed construction or real estate contract govern the relationship between the parties, making them a very big deal.
When a homeowner or other property owner discovers construction defects, it can be alarming and of significant concern. Fortunately, the laws concerning construction defects protect them and can serve as an important resource to ensure they are addressed.
This blog recently discussed contract negotiation tips to ensure the interests of the parties are protected as part of a successful business transaction. In addition to contract negotiation tips, it is also helpful to understand the components of a contract and what should be included during the process and in the contract so that parties can protect their interests.
Contracts are a common aspect of business transactions and are common in the context of construction. Because of the important role they play in a construction process, it is important to be familiar with the contract negotiation process and what to expect from each phase of the process.
Anyone engaged in a construction project should be familiar with what a materialmens' lien is. A materialmens' lien, sometimes referred to as a supplier's lien or mechanic's lien, is an important protection for subcontractors and materials suppliers on a construction project. It provides for a lien to be placed on the property if the subcontractor or materials' supplier is not paid by the general contractor.
Construction defects can lead to serious problems which is why it is important to understand legal resources, protections and the remedies that are available to help people deal with a construction defect. Different types of damages may be available through construction litigation to help homeowners and others with construction defects and homeowners may wonder what they are.
When any construction or real estate project is concerned, contracts are an important part of the process. A construction contract provides important protections for the parties to the contract and for both contractors and homeowners or the owners of the project or building if the project is a commercial construction project.
When a materials supplier has performed all of their work, or provided materials and equipment for a job, it is important for them to be paid for that work. When they go unpaid, there are important legal resources available to them to enforce their payment rights for the job. Because there are many parties involved in the completion of a construction project, it is essential for materials suppliers and subcontractors to be familiar with their payment rights in nonpayment situations.
In Tennessee, in order to obtain a materialmen's lien, often referred to as a mechanic's lien, specific actions must have taken, or are currently taking place. First, the party making the claim must have performed an action that contributed to the improvement of the property. This means that he or she must have done something that created a permanent change. The obvious ideas of this would be demolition, or construction of new rooms or buildings. However, it can also include changes to landscaping.