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What is a conditional progress release?
7/1/12. CONDITIONAL WAIVER AND RELEASE ON PROGRESS PAYMENT. NOTICE: THIS DOCUMENT WAIVES THE CLAIMANT'S LIEN, STOP PAYMENT NOTICE, AND PAYMENT BOND RIGHTS EFFECTIVE ON RECEIPT OF PAYMENT. A PERSON SHOULD NOT RELY ON THIS DOCUMENT UNLESS SATISFIED THAT THE CLAIMANT HAS RECEIVED PAYMENT.
What is a conditional release form?
A Conditional Contractors Lien Release Form is a legal document basically stating that arrangements have been made to pay the lien by issuing a payment to the lien holder. The lien against the property shall be released only upon the condition that the payment clears the lending or banking institution.
What is a conditional waiver and release?
A “Conditional Waiver and Release Upon Progress Payment” discharges all claimant rights through a specific date, provided the payments have actually been received and processed. An “Unconditional Waiver and Release Upon Final Payment” extinguishes all claimant rights upon receipt of the payment.
What is an unconditional waiver and release on final payment?
The Unconditional Waiver and Release on Final Payment is used when the claimant is required to execute a waiver in exchange for a final payment, and the claimant acknowledges that final payment has been received.
What is a Conditional Waiver and Release Upon Progress Payment?
A “Conditional Waiver and Release Upon Progress Payment” discharges all claimant rights through a specific date, provided the payments have actually been received and processed. An “Unconditional Waiver and Release Upon Final Payment” extinguishes all claimant rights upon receipt of the payment.
How do I fill out a Conditional Waiver and Release Upon Progress Payment?
Name of Claimant. This is the name of the party accepting the payment and looking to issue the waiver. Name of Customer. Job Location. Owner. Through Date. Maker of the Check. Amount of the Check. Check Payable To.
What is an unconditional progress release?
An unconditional release means that there are no restrictions on the release of the lien. This type of lien release is often used in final project documents to confirm that the project is complete, payment has occurred, and you release all future rights to file liens on the project.
How do you fill out Conditional Waiver and Release on Progress Payment?
Name of Claimant. This is the name of the party accepting the payment and looking to issue the waiver. Name of Customer. Job Location. Owner. Through Date. Maker of the Check. Amount of the Check. Check Payable To.
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