Where a project or property owner's dispute with a contractor or materials supplier results in a lien upon a parcel of real property, a Virginia mechanic's lien release bond is a fast, effective mechanism for "bonding off" the lien. Virginia Code §43-70, contemplates the deployment of the lien discharge bond when suit is brought to enforce a lien. A general contractor or any party with interest in the liened parcel may notice the lienor that he or she intends to apply to the court holding jurisdiction for permission to file a lien release bond to discharge such lien.
The surety bond must be offered in an amount no less than double the amount of the lien, or liens. The statute requires penalty excess of lien amount to account for the lienor's costs. The surety company must be approved by the court. The bond must be manuscripted to guarntee the payment of any judgment adjudicating the lien to be valid. Upon the hearing of the case on its merits, unless good cause is demonstrated against the Virginia lien release bond by some party in interest, the court shall accept the filing. On filing of the surety bond after the court has granted permission for the same to be done, the parcel is immediately released from the lien or liens bonded.
Virginia surety bond leader, Surety One, Inc. is THE most responsive underwriter of lien release bonds in the U.S. Our expertise in drafting surety bond forms acceptable to the Commonwealth courts, same day underwriting, immediate bond execution and delivery are unequaled. We underwrite mechanic's lien discharge bonds in all fifty states, Puerto Rico and U.S. Virgin Islands. Call (800) 373-2804, email Underwriting@SuretyOne.com or click here for a live chat for application materials and assistance with your Virginia mechanic's lien release bond or any other surety need.
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