Can you include interest in the Claim of Lien Form? This depends on your state, but in most cases you can. Your state will probably have a statute which describes the legal rate of interest for any unpaid amounts for a breach of contract, whether or not you are a contractor. Or, there can be a specific statute as to a mechanic's lien claim. In many cases this is in the neighborhood of 10%. Predominately, this is simple interest and not compounded. It is legally phrased as, for example: "10% per annum simple interest."
Phrasing it in your mechanic's lien claim would be as follows: "The amount of this mechanic's lien is ,432.00, plus interest at 10% per annum from an after March 31, 2008." If later in court you are only awarded ,000, the interest would logically be adjusted to that amount.
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Interest is awarded prejudgment by most courts if you have what is called a "liquidated sum". This means you have a claim for an amount which is easily and mathematically calculated based on a specific sum. Here's an example. Assuming you are involved in a serious automobile accident and have a emotional distress and personal injuries. There is no human way beforehand to know exactly what these amounts are going to be, as the judge or jury determines this later. On the other hand, if someone by contract has agreed to pay you ,000 for delivery of materials, that is a specific and ascertainable sum which can be the subject of interest. In the personal injury action, interest is not allowed because this is considered an "unliquidated" sum.
So, it is always a good idea to include interest in your lien claim.
Mechanic's Liens - How to Get Paid Guide - Including Interest in Your Lien Claim
