Maryland Conditional Waiver and Release Upon Final Payment - Corporation
What is this form?
The Conditional Waiver and Release Upon Final Payment for Corporations is a legal document used by corporate lienors to waive and release their right to claim a lien in exchange for final payment. This form is specifically designed for scenarios involving labor, services, or materials provided to a property owner. It differs from other lien release forms by including conditions for its validity based on the timely receipt of payment.
Key parts of this document
- Date of execution
- Amount of final payment
- Description of the work or services provided
- Name of the customer and property owner
- Conditions under which the waiver is void
- Notary public signature and seal
- Certificate of delivery
Situations where this form applies
This form should be used when a corporation has completed a project and is ready to receive final payment from the property owner. It is essential when the corporate lienor wants to ensure there are no future claims on the lien for the services rendered, especially when the lien is conditional upon receiving payment. This protects all parties involved from any misunderstandings related to the lien status.
Intended users of this form
- Corporations that have provided labor or materials to a construction project
- Contractors or service providers looking to secure final payment with a lien release
- Property owners who need assurance that the contractor has waived liens upon making payments
Steps to complete this form
- Identify the date you are filling out the form.
- Enter the final payment amount agreed upon.
- Specify the date through which the labor, services, or materials were provided.
- Name the customer and property owner involved in the project.
- Include a detailed description of the property where the work was performed.
- Sign the form in the presence of a notary public to validate it.
Notarization requirements for this form
This document requires notarization to meet legal standards. US Legal Forms provides secure online notarization powered by Notarize, allowing you to complete the process through a verified video call, available 24/7.
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Make edits, fill in missing information, and update formatting in US Legal Forms—just like you would in MS Word.
Download a copy, print it, send it by email, or mail it via USPS—whatever works best for your next step.
Sign and collect signatures with our SignNow integration. Send to multiple recipients, set reminders, and more. Go Premium to unlock E-Sign.
If this form requires notarization, complete it online through a secure video call—no need to meet a notary in person or wait for an appointment.
We protect your documents and personal data by following strict security and privacy standards.
Mistakes to watch out for
- Failing to complete all required fields, leading to an incomplete waiver.
- Not specifying the correct amount or dates, which can void the agreement.
- Neglecting to have the document notarized, if required.
- Assuming the waiver is valid without confirming receipt of payment.
Benefits of completing this form online
- Convenient access to download and complete the form at any time.
- Editable templates ensure you can customize the document to fit your specific needs.
- Reliable legal framework drafted by attorneys, ensuring compliance with legal standards.
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FAQ
Signing an unconditional lien waiver is enforceable even before you get paid. This means that if you sign an unconditional lien waiver before receiving the money and the property owner ends up not paying up, you have already waived your lien rights because you signed the unconditional lien waiver.
The undersigned makes this Waiver specifically for the benefit of the Owner and the Owner's lender, and any other person or entity with a legal or equitable interest in the Property.
An unconditional mechanic's lien waiver states the contractor has in fact been paid in full for the stated work. Write the name of the maker of the check in the space provided on the mechanic's lien release form. Fill in the amount of the payment. Write the name of contractor the payment is being made to.
A waiver is a legally binding provision where either party in a contract agrees to voluntarily forfeit a claim without the other party being liable.Examples of waivers include the waiving of parental rights, waiving liability, tangible goods waivers, and waiver for grounds of inadmissibility.
An "Unconditional Waiver and Release Upon Final Payment" extinguishes all claimant rights upon receipt of the payment. A "Conditional Waiver and Release Upon Final Payment" extinguishes all claimant rights upon receipt of the final payment with certain provisions.
A lien waiver is quite common in the construction business. Essentially, it is a document from a contractor, subcontractor, supplier, or another party who holds a mechanic's lien that states they have been paid in full and waive future lien rights to the disputed property.
Conditional lien waivers are conditioned upon something (typically the receipt of payment).The party receiving payment maintains its right to file a lien until the check is actually cashed; the party making payment will never face double payment (paying the party they hired and also being faced with a lien).
Name of Claimant. This is the name the party to be paid, and the party who will be signing the lien waiver document. Name of Customer. Job Location. Owner. Amount of the Check. Check Payable To. Exceptions. Claimant's Signature.