for this assignment please respond to michael with 175 words
For starters mechanic’s lien are forms that are documents which are to be used by laborers and suppliers to ensure that their clients will pay the price of the labor materials. The forms that were used are California Preliminary Notice- Private Works and Mechanics Lien. Those forms are used to let the owner know that they are receiving that notice because the mechanics lien may have provided labor or materials for improvements to their property and may not have been paid for those items. That’s why those forms were used.
You would want to use a Mechanics Lien Timeline to avoid missing critical deadlines. The Preliminary Notice: In order to preserve Mechanic’s Lien or Stop Notice rights, a Preliminary Notice must be served within 20 calendar days of the first date of services or materials were performed or provided on the job. Record the preliminary notice so that you receive any Notices that anyone else on the job may record. It’s always to record because That would be good practice and it would help you in the future when you need to use it.
Nomenclature used in mechanics Lien laws are Civ Code sec. 8412 et seq. If no Notice of Completion or Cessation has been recorded by the owner. 30 days after a Notice of completion or Cessations has been recorded. Civ Code 8414. The price agreed upon between the claimant and the party to whom he /she contracted with ca Civ code 8430 et seq. All of these codes have a meaning to it and each one represents different things. They tend to use Nomenclature because it is useful to them and it shows that there is code involved so you know it’s legit in my opinion.
A Joint Venture and Mechanics Lien both are used in construction today so they can benefit/help a certain person or party. I wasn’t able to find a lot on how they both are similar but I for sure know that Joint Venture is a business entity created by two or more parties, generally characterized by shared ownership, shared returns and risks, and shared governance and Mechanic’s lien is a security interest in the title to property for the benefit of those who have supplied labor or materials that improve the property.
0 comments