This Conditional Waiver and Release of Lien Upon Final Payment form is for use by an individual lienor to waive and release his or her lien and right to claim a lien for labor, services or materials furnished in consideration of final payment. This waiver is conditional upon the lienor receiving final payment for his or her work, and if funds are not received, the waiver is void.
A conditional lien waiver is a legal document utilized in construction projects to protect the rights of property owners and contractors. It is a written agreement that acknowledges the receipt of payment or promise to pay, and waives the claimant's right to file a mechanics lien against the property, subject to certain conditions stated within the document. The keywords associated with a conditional lien waiver definition are: 1. Conditional lien waiver: This refers to the specific type of lien waiver document that is used when the claimant releases their right to file a mechanics lien only if certain predetermined conditions are met. 2. Construction project: Conditional lien waivers are commonly used in the construction industry, where contractors, subcontractors, and suppliers work together to complete building projects. 3. Property owners: The conditional lien waiver is provided by claimants, typically contractors or subcontractors, to the property owners or other responsible parties involved in the construction project. 4. Mechanics lien: The conditional lien waiver ensures the claimant will not file a mechanics lien, which is a legal claim filed against a property to secure payment for labor, materials, or services provided during a construction project. Different types of conditional lien waiver definitions include: 1. Partial conditional lien waiver: This type of waiver acknowledges the receipt of partial payment for work done or materials supplied, and waives the right to file a lien for the specified amount. The claimant retains their right to file a mechanics lien for any remaining unpaid balance. 2. Final conditional lien waiver: This waiver is used to confirm the receipt of the final payment, settling the entire amount owed. By signing this type of waiver, the claimant relinquishes any right to file a mechanics lien in connection with the project. 3. Conditional lien waiver upon payment: This type of waiver is executed upon receiving the promised payment from the property owner or contractor. It releases the claimant's right to file a mechanics lien, specifically contingent upon the payment being made within the specified timeframe. 4. Conditional lien waiver upon clearance: This type of waiver is utilized when there is any outstanding issue or dispute that needs resolution before full payment is made. The claimant agrees to waive their lien rights upon the successful resolution of such issues. In conclusion, a conditional lien waiver is a crucial legal document used in construction projects. It allows claimants to receive payment promptly while protecting property owners from potential mechanics liens. Different types of conditional lien waivers, such as partial, final, upon payment, and upon clearance waivers, are used to address various payment situations and conditions in the construction industry.
