Mechanic's Lien

Definition

A security interest in the title to property for the benefit of those who have supplied labor or materials that improve the property.

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If a contractor isn't paid, they can place a lien on your house, preventing you from selling or refinancing it.

Related Legal Terms

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Arbitration

A form of alternative dispute resolution (ADR), is a way to resolve disputes outside the courts.

Copyright

A type of intellectual property that gives its owner the exclusive right to make copies of a creative work, usually for a limited time.

Intellectual Property (IP)

A category of property that includes intangible creations of the human intellect.

NDA (Non-Disclosure Agreement)

A legal contract between at least two parties that outlines confidential material, knowledge, or information that the parties wish to share with one another for certain purposes, but wish to restrict access to.

Non-Compete Agreement

A contract where an employee agrees not to enter into competition with an employer after the employment period is over.

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This information is for general guidance only and does not constitute legal advice. Laws vary by jurisdiction and are subject to change. Consult with a qualified attorney for advice regarding your specific situation.