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CONDITIONAL WAIVER AND RELEASE ON PROGRESS PAYMENT (Pursuant to A.R.S. 331008)PROJECT:JOB NUMBER: On receipt by the undersigned of a check from Campbell Development in the sum of $ payable to (Subcontractor)

How to fill out Conditional Waiver And Release On Progress Payment

How to fill out Conditional Waiver And Release On Progress Payment

1. Obtain the Conditional Waiver and Release on Progress Payment form.
2. Fill in your name and contact information in the designated fields.
3. Specify the project name and address where the work was performed.
4. Indicate the amount of the progress payment being made.
5. Include the name of the party making the payment.
6. State the date of the payment.
7. Read the waiver clause carefully and ensure you understand the implications.
8. Sign and date the form in the appropriate sections.
9. Provide the completed form to the party making the payment.

Who needs Conditional Waiver And Release On Progress Payment?

1. Contractors or subcontractors who are receiving progress payments for work completed.
2. Suppliers and vendors who are supplying materials or services for a project.
3. Liens claimants who want to waive their lien rights upon payment.

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What is Conditional Waiver And Release On Progress Payment?

A Conditional Waiver And Release On Progress Payment is a legal document used in construction contracts that allows a contractor or subcontractor to waive their right to claim a lien against a property upon the receipt of a progress payment, but only if the payment is actually made.

Who is required to file Conditional Waiver And Release On Progress Payment?

Typically, contractors, subcontractors, and material suppliers who are receiving partial payments for work performed on a construction project are required to file a Conditional Waiver And Release On Progress Payment.

How to fill out Conditional Waiver And Release On Progress Payment?

To fill out a Conditional Waiver And Release On Progress Payment, one must provide details such as the name of the project, the property owner's name, the amount of the payment being waived, and the date of payment. Signatures from both the payer and the payee are also required to validate the document.

What is the purpose of Conditional Waiver And Release On Progress Payment?

The purpose of a Conditional Waiver And Release On Progress Payment is to protect both the payer and payee during construction projects. It ensures that that the contractor or subcontractor cannot later claim a lien for the waived amount as long as the payment is received.

What information must be reported on Conditional Waiver And Release On Progress Payment?

The information required includes the names and addresses of the parties involved, a description of the work or services provided, the amount paid, the project name, and the date of the payment. Additionally, it should indicate that the waiver is conditional upon receipt of the specified payment.