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bonding lien

New YorkBond Claims

We have a lien on storage facility / property in NYC funds are retainage over a year old owner is out of state we would like to know the cost to GC/owner to bond the lien in actual dollars in other words as it is a bond what percentage/amount would need to be deposited with court and for what duration ?

1 reply

Jan 3, 2022
This inquiry is a bit confusing. First, the NY Lien Law applies to projects located in NY. Second, liens on private jobs must be filed and served within 8 months of the last day worked. third, the cost of a bond is typically 1-2% but the property owner may have to post collateral as well. the collateral would not be with the court, but with a surety for the protection of the surety, not the lienor. It seems that the contractor should consult an experienced construction lawyer. Good luck
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