Sample Conditional Waiver And Release On Progress Payment

State:
Arizona
Control #:
AZ-08-09
Format:
Word; 
Rich Text
Instant download

Description

The Sample Conditional Waiver and Release on Progress Payment is a legal form used in construction and contracting to formally waive the right to a mechanic's lien in exchange for a payment. This document specifies the conditions under which the waiver is effective, including the receipt of a specific check for a designated amount. It is crucial for the party completing the form to ensure that all payments have been made to subcontractors and suppliers for services rendered up to the date specified in the waiver. The form highlights that this release only applies to progress payments and does not encompass retention amounts or services furnished after the stated date. The key features include clear instruction for endorsement, identification of payees, and a warranty that all due payments will be settled using the received funds. For the target audience of attorneys, partners, owners, associates, paralegals, and legal assistants, it serves as a vital tool to mitigate risks associated with unpaid claims and ensures clear documentation in construction projects. Properly utilizing this form can help in documenting agreements and preventing disputes over payments made in the course of a project.

How to fill out Arizona Conditional Waiver And Release On Progress Payment - Mechanic Liens - Individual?

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FAQ

How to complete the Conditional Waiver and Release on Progress Payment formName of Claimant. The claimant is the party receiving the payment in other words, the one waiving their lien rights.Name of Customer.Job Location.Owner.Through Date.Maker of the Check.Amount of the Check.Check Payable To.More items...?

Conditional Waiver and Release Upon Progress PaymentThis form is useful when the claimant is not yet paid, but will be paid out of a progress payment that is not the final payment. This conditional waiver and release is only effective if the claimant is actually paid. This release does not cover all items.

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.

Components of a waiverGet help. Writing a waiver should not be complicated.Use the correct structure. Waivers should be written in a certain structure.Proper formatting.Include a subject line.Include a caution!Talk about the activity risks.Do not forget an assumption of risk.Hold harmless.More items...?

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Sample Conditional Waiver And Release On Progress Payment