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 waiver and release of lien upon final payment is a legal document that certifies the full settlement of a debt or financial obligation. This document removes any claim or encumbrance on a property or asset, ensuring that the owner has clear title and is free from any liens or claims from a contractor, subcontractor, or supplier. The waiver and release of lien upon final payment with notary is a crucial step in any construction or property transaction, as it provides a legal safeguard to protect the interests of both parties involved. It proves that the contracted work has been completed, and any outstanding payments have been settled. This document requires a notary public to validate its authenticity and legality. The notary public serves as an impartial witness who verifies the identity of the parties involved and ensures that they fully understand the terms and consequences of signing the waiver and release of lien upon final payment. Some different types of waiver and release of lien upon final payment with notary include: 1. Conditional Waiver and Release upon Final Payment: This type of waiver and release is typically used when the claimant (contractor, subcontractor, or supplier) receives the final payment for the work done. It states that in exchange for the final payment, the claimant waives their right to make any future claims or file liens against the property. 2. Unconditional Waiver and Release upon Final Payment: This type of waiver and release is similar to the conditional waiver. However, it goes a step further by waiving all lien rights unconditionally, even if the final payment is not received or is insufficient. By signing this document, the claimant gives up all rights to pursue any further claims. 3. Partial Release upon Final Payment: In some cases, there may be multiple parties involved in a construction project, such as subcontractors or suppliers. A partial release upon final payment is used when one of these parties has completed their portion of the work and received partial payment. This document releases the lien rights specifically related to the partial payment received. 4. Final Waiver and Release upon Final Payment: This type of waiver and release is used when the contracted work is fully completed, and the final payment has been made. It releases all lien rights and claims, ensuring that the property owner has clear title free from any potential liens or encumbrances. In summary, a waiver and release of lien upon final payment with notary is an essential legal document that signifies the settlement of a debt or financial obligation. The involvement of a notary public ensures the document's authenticity and legitimacy. Different types of waivers exist to accommodate various scenarios, such as conditional, unconditional, partial, and final releases upon final payment.
