7 Guam Code Ann. § 33106
Terms Used In 7 Guam Code Ann. § 33106
- Contract: A legal written agreement that becomes binding when signed.
- Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
- Lien: A claim against real or personal property in satisfaction of a debt.
(1) a general description of the labor, service, equipment or materials furnished, or to be furnished, and an estimate of the total price thereof;
(2) the name and address of the person furnishing such labor, service, equipment, or materials;
(3) the name of the person who contracted for purchase of that labor, service, equipment, or materials;
(4) a description of the job site sufficient for identification; and
(5) the following statement in boldface type:
NOTICE TO PROPERTY OWNER
If bills are not paid in full for the labor, services, equipment, or materials furnished or to be furnished, a mechanics’ lien leading to the loss, through court foreclosure proceedings, of all or part of your property being so improved may be placed against the property even though you have paid your contractor in full. You may wish to protect yourself against this consequence by:
(i) requiring your contractor to furnish a signed release by the person or firm giving you this notice before making payment to your contractor; or
(ii) any other method or device that is appropriate under the circumstances.
(b) If labor, service, equipment, or materials have been furnished to a job site by a claimant who did not give a preliminary notice, that claimant shall not be precluded from giving a preliminary notice at any time thereafter, however such claimant shall be entitled to record a lien only for labor, service, equipment, or material furnished within twenty (20) days prior to the service of the preliminary notice, and at any time thereafter.
SOURCE: Amended by P.L. 31-112:1 (Sept. 30, 2011), effective, retroactive to February 4, 2009, the effective date of P.L. 29-119, pusuant to P.L. 31-112:2..