The Release Of Lien Bond Form serves as a crucial instrument in Canadian construction projects where parties seek to clear title to property while maintaining security for lien claimants. This document becomes necessary when a property owner or contractor needs to remove a construction lien from their property title but disputes the validity or amount of the lien claim. The bond, issued by a licensed surety company, provides security equal to the lien amount plus additional costs, typically 10-25% depending on the provincial jurisdiction. The form must comply with provincial construction lien legislation and includes specific details about the project, the original lien claim, and the parties involved. It effectively transfers the security interest from the property to the bond, allowing construction projects to proceed without encumbrances while protecting the rights of lien claimants.
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1. Title and Date: Formal title of the document as 'Release of Lien Bond' and date of execution
2. Bond Number: Unique identifier assigned to the bond by the surety company
3. Parties: Identification of Principal (contractor/subcontractor), Surety (bonding company), and Obligee (lien claimant)
4. Project Information: Details of the construction project including location, owner, and contract reference
5. Original Lien Details: Information about the construction lien being bonded off, including registration number and amount
6. Bond Amount: Specified amount of the bond (typically lien amount plus allowance for costs)
7. Bond Conditions: Terms under which the bond becomes payable and obligations of the surety
8. Duration and Expiry: Term of the bond and conditions for release
9. Governing Law: Specification of applicable provincial law and jurisdiction
10. Execution Block: Signature blocks for Principal and Surety with corporate seal requirements
1. Multiple Lien Claims: Additional section required when bond covers multiple lien claims on the same project
2. Priority Provisions: Section addressing priority rights when multiple security interests exist
3. Assignment Rights: Terms governing whether and how the bond rights may be assigned
4. Claims Procedure: Detailed process for making claims against the bond, included for complex projects
5. Limitation Period: Specific timeframes for making claims, if different from statutory periods
1. Schedule A - Original Lien Registration: Copy of the registered lien claim being bonded off
2. Schedule B - Surety Power of Attorney: Documentation proving the authority of the surety representative to execute the bond
3. Schedule C - Property Description: Legal description of the property subject to the lien
4. Schedule D - Proof of Surety Licensing: Evidence of surety's authorization to conduct business in the jurisdiction
Relevant legal definitions
Clauses
Relevant Industries
Construction
Real Estate
Infrastructure
Commercial Development
Residential Development
Industrial Construction
Public Works
Engineering Services
Property Development
Relevant Teams
Legal
Construction Management
Risk Management
Finance
Project Controls
Contract Administration
Claims Management
Commercial Operations
Property Development
Relevant Roles
Construction Project Manager
Contract Administrator
Legal Counsel
Risk Manager
Surety Bond Specialist
Claims Manager
Construction Finance Manager
Property Developer
Construction Executive
Lien Coordinator
Commercial Manager
Project Controls Manager
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