What percentage is added to the prime rate in Nevada to determine official interest if not specified in the lien document?

In Nevada, when determining the official interest rate that applies to liens not specified in the lien document, a standard practice is to add a specific percentage to the prime rate. When the prime rate is not referenced in the lien document, the law dictates that an additional 4% must be added. This legal standard ensures consistency and provides clear guidance for what is considered an appropriate interest rate in these situations.

This information is essential for contractors and others involved in the construction industry in Nevada, as it allows them to understand how financial obligations will accrue. Familiarity with this aspect of Nevada's lien law is crucial for managing financial risk and ensuring compliance with legal requirements related to debt and interest calculations.