Conditional Waiver And Release Upon Final Payment
What is conditional waiver and release upon final payment?
Conditional waiver and release upon final payment is a legal document that is typically used in the construction industry. It is a type of waiver and release form that contractors, subcontractors, suppliers, and other parties involved in a construction project use to waive their right to file a lien or bond claim on the property after they have been paid in full.
What are the types of conditional waiver and release upon final payment?
There are two types of conditional waiver and release upon final payment: 1. Conditional Waiver and Release upon Final Payment With Progress Payment Clause: This type of waiver and release is used when the party releasing the lien has received partial payment or progress payments during the course of the construction project. 2. Conditional Waiver and Release upon Final Payment Without Progress Payment Clause: This type of waiver and release is used when the party releasing the lien has not received any progress payments and is waiving their right to file a lien or bond claim upon receiving final payment.
How to complete conditional waiver and release upon final payment
Completing a conditional waiver and release upon final payment is a straightforward process. Follow these steps to complete the form: 1. Fill in the necessary information: Provide your name, the name of the party requesting the waiver, the project name, and other required details. 2. Specify the payment amount: Indicate the amount of payment you have received or will receive in exchange for waiving your lien rights. 3. Sign and date the document: Add your signature and date of signing to make the waiver and release legally binding. 4. Keep a copy for your records: Make sure to retain a copy of the completed waiver and release form for your reference.
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