Lien Waivers for Subs and GC
I am in the process of finding contractors to complete a rehab in Baltimore. Meanwhile, I've been trying to gather forms to generate my own contract to use with any general contractors/subs I hire. I've read numerous other forums and I am pretty clear the contract should include language regarding W9, insurance (liability and workman's comp), SOW, draw schedule, independent contractor status, and lien waivers. The latter is what I have questions on.
Do you request a partial lien waiver at each payment/draw from the GC or one final lien waiver? Should the GC be responsible for obtaining partial lien waivers from their subs? Is there a statute regarding the retainage amount in MD?
Any feedback is welcome! If there are any real estate attorneys who could check the forms I have, that would be great as well.
Thanks,
Keenan