I NEED HELP FILLING OUT A SCHEDULE OF VALUE AND HELP WITH HOW TO USE LIEN WAIVERS. I WOULD APPRECIATE IF YOU COULD HELP ME WITH THIS PROCESS AS I HAVE NEVER HAD TO DO THIS BEFORE. THANK YOU.
1 reply
Aug 17, 2020
A schedule of value is used by prime or general contractors and second-tier subcontractors (hired by the GC) to support their application for payment. A schedule of values is normally used on projects that are more complex, or more expensive, or have more moving parts. A schedule of values is applicable to projects that has an approved budget, Fixed Price, or Cost-Plus, or Guaranteed Maximum Price (GMP) contract. This article will be helpful to you in regards to schedule of values: Schedule of Values Guide, Template & Resources
Colorado lien waivers are unregulated. The state of Colorado does not have specific laws regulating the exchange of lien waivers on the construction jobs, or the specific forms. The lack of regulation makes exchanging lien waivers more difficult in Colorado and riskier. The construction payment process is slowed down due to the lack of regulations. The requirements for a Colorado lien waiver includes that parties may not bind third parties to the lien waiver agreement. The agreement for lien waivers must contain a statement by the waiving party that "all debts owed to any third party by the person waiving the lien rights and relating to the goods or services covered by the waiver of lien rights have been paid or will be timely paid."
Here is a guide to Colorado lien waivers that may be helpful to you: Colorado Lien Waivers Guide and FAQs