A legal instrument posted by a contractor or craftsman to guarantee that completed work is free of flaws and will perform its intended function for a specified period of time.
A Mechanic's Lien is a legal claim against a property that has been remodeled or improved. It is filed by contractors, subcontractors, or suppliers who claim they have not been paid for their work or materials. The lien ensures that these entities receive payment for their contribution to the construction or repair of buildings or other structures. This lien remains in effect until the debt is settled, and in certain circumstances, it may provide priority over other creditors in the event of liquidation or sale of the property.
Piece work refers to a system of payment based on the amount of work done rather than the time spent working, commonly used by contractors and individuals. Piece workers perform specific production services and are compensated for each piece completed.
