This Unconditional Waiver and Release Upon Final Payment form is for use by an individual or corporation who has been paid in full for all labor, services, equipment or material furnished to the sub-contractor or agent on the job of the contractor or general contractor located at the customer's or owner's property, to waive and release any right to a mechanic's lien, stop notice, or any right against a labor and material bond on the job. This release covers the final payment for all labor, services, equipment, or material furnished to the customer through a specific date only and does not cover any retentions retained before or after the release date, extras furnished before the release date for which payment has not been received or extras or items furnished after the release date. Rights based upon work performed or items furnished under a written change order which has been fully executed by the parties prior to the release date are covered by this release unless specifically reserved by the claimant in this release.
When undertaking a construction project in Colorado, it is crucial to be familiar with the Colorado unconditional lien waiver form with notary sample. This document plays a significant role in protecting the interests of contractors, subcontractors, suppliers, and property owners from potential future disputes regarding payment and liens. The Colorado unconditional lien waiver form is a legal document that, when signed, waives the right to place a lien on a property in exchange for full or partial payment. The Colorado unconditional lien waiver form with notary sample is a standardized template recognized and accepted within the state. It ensures compliance with Colorado's lien laws and provides a clear understanding of the parties involved and the scope of the waiver. By using this form, signatories effectively waive their lien rights, confirming that they have received payment for work or materials provided. The Colorado unconditional lien waiver form with notary sample typically includes various key sections that capture the necessary information. These sections may include: 1. Project Information: Identifies the project's name, location, and description to accurately associate the waiver with the correct construction endeavor. 2. Claimant Information: Provides details about the party waiving lien rights, including their name, address, contact information, and role within the project (contractor, subcontractor, supplier). 3. Property Owner Information: States the property owner's name, address, and contact details, establishing a direct link between the owner and the waiver of lien rights. 4. Payment Details: Specifies the amount being paid to the claimant in return for waiving lien rights. This amount can be in full or partial and must be an accurate reflection of the funds received. 5. Legal Language: Includes explicit language indicating that the waiver is unconditional, valid, and enforceable as per Colorado's lien laws. This section often highlights the signatory's understanding of their actions and the consequences involved. The Colorado unconditional lien waiver form with notary sample is a legally binding document when it is properly executed and signed before a notary public. The presence of a notary ensures the authenticity of the signatures, providing an added layer of security and enforceability. Although the primary purpose of the Colorado unconditional lien waiver form remains the same, there may be different versions tailored to specific scenarios within construction projects. Some variations include: 1. Partial Unconditional Lien Waiver: This version is used when the claimant receives only a partial payment and wishes to waive lien rights for the amount received, while still retaining the right to claim additional amounts owed. 2. Final Unconditional Lien Waiver: This form is appropriate when the claimant has received full payment and intends to waive all lien rights associated with the project. It signifies that the payment received is the final and complete settlement. 3. Conditional Lien Waiver: Unlike an unconditional lien waiver, this version is used when the claimant has received payment that is subject to certain conditions, such as the check clearing the bank or funds being available. In summary, the Colorado unconditional lien waiver form with notary sample is a crucial tool in the construction industry to ensure transparency and protect parties involved in a project. It eliminates the possibility of future disputes related to unpaid work or materials. By comprehending the different forms available and their specific purposes, construction professionals can navigate the legal aspects of lien waivers effectively.
