Tenant Improvements: Know Your Responsibilities
Northern Nevada Real Estate Journal (NNBW), July 21, 2014
If you lease property in Nevada, it is likely that you will be making tenant improvements to that property. If so, there are a number of legal issues to consider in that process. One such issue deals with laws that protect contractors on those projects so they get paid for their work. Those laws affect both the lessee and the owner of the property.
Under Nevada law, when a lessee hires a contractor to complete tenant improvements, that lessee is required to take certain steps to effectively guarantee that the contractor, its subcontractors, and its suppliers will get paid for their work. There are two options to satisfy those statutes. One option is for the lessee to establish what is known as a construction disbursement account to fund the costs of construction. The other option is to obtain a surety bond for the benefit of those who perform work or supply materials to the project.
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