The purpose of mechanic's lien statutes is to provide an inexpensive and simple method for material suppliers and contractors to secure the value of the services or materials that they have added to the property. A mechanic's lien is not an agreement or contract between parties, but rather a lien upon real estate which the plaintiff seeks to take by force of law and eventually to foreclose.
A discharge of mechanic's lien bond will therefore discharge the mechanic's lien and allow the owner of the property the legal right to sell or deal with the property as the discharge of mechanic's lien bond guarantee to the claimant of the lien any payment that is still due to them with interest and cost.
The bond is usually issued at a percentage over the lien amount, depending on the state in which the lien was place.