What are the basics and functionality of the notice of commencement?

The notice of commencement is a document that the owner records and posts on the job site once they start the process after obtaining their permit. This is an informational document. It sets forth the name of the owner, the address, the name and description of the property, the name of any bank that maybe involved and also the name of the owner’s agent receiving notices for lean purposes and otherwise. It’s very important for a subcontractor, supplier of a contractor to get a copy of that so they have all these information and the law requires the owner to record this and post it on the job site.