Liquidated damages are a predetermined sum agreed upon in a contract which one party will pay to the other in the event of a breach of contract. This provision aims to cover the non-breaching party's estimated losses without requiring a legal battle.
A mechanic’s lien is a legal claim against a property as security for unpaid labor and materials supplied for the property's improvement.
A legal notice filed after the completion of construction that signals the time frame during which an unpaid contractor can legally file a mechanic’s lien.
A performance bond is a type of surety bond issued by an insurance company or a bank to guarantee satisfactory completion of a project by a contractor.
