Unconditional Waiver And Release Upon Progress Payment

What is unconditional waiver and release upon progress payment?

An unconditional waiver and release upon progress payment is a legal document that is used in the construction industry. It is a contractual agreement between the contractor and the owner of the project, where the contractor agrees to release any rights to a lien on the property in exchange for payment for work completed. This document is typically used to provide assurance to the owner that the contractor will not file a lien against the property for any outstanding payments due to them.

What are the types of unconditional waiver and release upon progress payment?

There are four types of unconditional waiver and release upon progress payment:

Partial conditional waiver and release upon progress payment
Partial unconditional waiver and release upon progress payment
Final conditional waiver and release upon progress payment
Final unconditional waiver and release upon progress payment

How to complete unconditional waiver and release upon progress payment

Completing an unconditional waiver and release upon progress payment involves the following steps:

01
Identify the type of waiver and release form that corresponds to the current situation
02
Fill in the necessary details such as the project name, contract number, and the parties involved
03
Specify the payment amount that has been received or will be received
04
Sign and date the form
05
Send the completed form to the appropriate party, usually the owner or general contractor

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Video Tutorial How to Fill Out unconditional waiver and release upon progress payment

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