Conditional Waiver And Release Upon Progress Payment
What is Conditional waiver and release upon progress payment?
A Conditional waiver and release upon progress payment is a document that contractors or subcontractors may use to acknowledge that they have received a partial payment for the work done so far on a construction project. By signing this document, they agree to release the property owner or general contractor from any further claims related to the progress payment.
What are the types of Conditional waiver and release upon progress payment?
There are two types of Conditional waiver and release upon progress payment: Conditional waiver and release upon progress payment with a waiver of lien rights and Conditional waiver and release upon progress payment without a waiver of lien rights.
How to complete Conditional waiver and release upon progress payment
To complete a Conditional waiver and release upon progress payment, fill in the necessary details such as the project name, parties involved, payment amount received, and the property address. Make sure to read the document carefully before signing and submitting it to the relevant parties.
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