If a lien claimant's contract does not specify an interest rate, what is the standard interest rate that may be awarded?

In Nevada, if a lien claimant's contract does not specify an interest rate that would apply to overdue payments, the standard interest rate that may be awarded is indeed 4%. This standard is established in the state's statutes governing liens and ensures that claimants receive a reasonable return on what is owed to them when no specific rate has been set. This helps maintain fairness in financial transactions and provides a clear guideline for both parties involved. Understanding this rate is crucial for contractors and lien claimants to maintain proper financial practices and to ensure compliance with Nevada's legal requirements related to contract disputes and lien enforcement.