Private Seminar: Understanding the Builders Lien Act
Understanding how the Builders Lien Act operates and the statutory requirements of various project stakeholders for holdbacks and prompt payment is key for protecting your organization and ensuring smooth project processes and relationships.
Audience:
Construction Owners, Consultants, Project Managers, Accountants, and Contract Administrators.
Course Duration:
3-4 hours of lessons with instructor.
Education credits:
The course is eligible for 1 CCA Gold Seal education credits upon completion.
At the end of the course participants will be able to:
- Understand finance law in Canada and why construction liens are used
- Understanding the priority system for collecting debts and processes used to file and discharge a lien at the Land Title Office
- Understanding the benefits for owners and constructors of the Act
- Understand the holdback system and the responsibilities of various stakeholders to withhold funds and release those funds
- Calculate the 3-2-1 formula and when substantial completion/performance certificates may be issued
- Understand the difference between a Ready-for-Takeover (RfT) certificate and a Certificate of Substantial Completion/Performance
- Understand what happens after a lien has been filed for both owners and constructors
- Understand other remedies and options rather than using liens