Spencer Fane attorney Ben Shantz recently authored an article for the Springfield Business Journal that outlines the use of mechanic’s lien waivers as a safeguard for construction-related defaults and bankruptcies.
In his article, Mechanic’s Lien Waivers Are a Useful Tool in Uncertain Economic Conditions, Ben explains how mechanic’s liens work and ways owners and lenders may protect against them, especially during an economic downturn. He emphasized the lien waiver as a means of minimizing risk.
“Owners and lenders need to be diligent to ensure they know exactly how their money is being utilized on a construction project,” Ben said. “Lien waivers are perhaps the best tool to ensure that owners and lenders have certainty surrounding the risk of future mechanic’s liens on a project,” he said.
At Spencer Fane, Ben is a trial attorney and counselor who helps his clients focus on growing their businesses. Ben has a reputation for providing practical legal advice that enables clients to make real-time, critical business decisions. He uses his experience in the courtroom to help clients prevent litigation in the first place and best position them when disputes do arise by drafting a wide range of contracts to better protect their interests on the front end.
Read Ben’s full article here. Please note, a subscription may be required.