We finish a job since July of 2022 and finally received 1/2 of the retainage. I went to release partial retainage and found out that we had place a Bond Claim and not a Lien on the property. I have been told that they can not release partial on the bond claim, so my question is, can we release the Bond Claim and place a lien on the property. I will be leaving the office for doctors appointment, but if you can please call me on Monday to discuss what will be the best way to handle this. Thank you
You really need to retain a construction attorney to evaluate your situation and to provide advice.
The legal analysis would start with a review of your contract and then extend to any communications which have occurred, and to the bond claim and the bond.
Depending on the kind of bond that was posted, the bond may replace the real property as security for your claim. The releasing of claims may jeopardize your rights to make a valid claim.
So, retain a construction attorney before you do anything further.
Good luck.