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New York Unconditional Waiver and Release of Lien Upon Final Payment

Unconditional Lien Waiver On Progress Payment

Name: Unconditional Lien Waiver On Progress Payment
Brand: US Legal Forms
Rating: 4.77 (245 reviews)

Category:

Liens - Construction - Mechanics

State:

New York

Control #:

NY-15-09

Format:

Instant download

Description

This Unconditional Waiver and Release of Lien Upon Final Payment form is for use by a lienor, in consideration of final payment to waive and release his or her lien and right to claim a lien for labor, services or materials furnished through a certain date to a customer on the job of an owner of property.

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FAQ

Filing a lien waiver involves submitting the fully completed document to the relevant party, typically the owner or general contractor. You should retain a copy of the lien waiver for your records as proof of your release from any future claims. Ensure that you follow any local guidelines or requirements when filing to avoid delays. For further assistance or templates, visit US Legal Forms, where we simplify the process of managing lien waivers.

Filling out a conditional waiver of a lien begins with listing the total amount due for the work performed. Follow this by providing the project details, including the property address and your personal or business information. After entering the details, you will sign and date the waiver. For quick access to reliable forms and instructions, consider using the resources available on the US Legal Forms platform.

To fill out an unconditional lien waiver on progress payment, start by entering the project details, including the property address and project name. Next, include the amount of the payment you are acknowledging, followed by your name, business name, and signature. Be sure to date the document and keep a copy for your records. If you need assistance, US Legal Forms provides templates and guidance specifically designed for this purpose.

Choosing between a conditional and an unconditional lien waiver on progress payment depends on your specific circumstances. A conditional waiver offers protection until the payment clears, while an unconditional waiver releases your right to file a lien immediately upon signing. Review your agreements or consult USLegalForms for templates that can clarify your options and help streamline this process.

When considering whether to sign a waiver of lien, it's essential to understand the implications of an unconditional lien waiver on progress payment. By signing, you guarantee that you will not pursue a lien for the payment you are receiving. If you feel uncertain, it's wise to consult with a legal expert or utilize resources like USLegalForms to ensure you make an informed decision.

The main difference between conditional and unconditional releases lies in the requirements of payment. A conditional release states that the waiver is valid only if the payment is received, while an unconditional waiver confirms that the payment has already been made. Understanding this distinction can help you make informed decisions, especially when managing an unconditional lien waiver on progress payment.

Final unconditional refers to a waiver issued when the last payment is made for a project. This means that all claims are fully settled, and the contractor cannot pursue further liens associated with that particular job. By obtaining a final unconditional lien waiver, property owners gain clarity and peace of mind regarding their completed obligations.

For property owners, the best option is often the unconditional lien waiver on progress payment. This type ensures that once payment is made, there are no lingering claims from contractors for that specific amount. By utilizing this waiver, property owners can protect themselves from potential legal complications, creating a strong safeguard throughout the construction process.

Unconditional release waivers, specifically the unconditional lien waiver on progress payment, signify that a contractor has received a payment and therefore waives their right to file a lien on that amount. This waiver provides clear assurance to property owners that payments are settled, promoting better trust and smoother transactions between parties involved in construction projects.

An unconditional release is a definitive statement that relinquishes a party's right to claim for payment, typically after receiving it. It plays a critical role in construction contracts to ensure that all parties are clear about their financial responsibilities. Understanding this concept is crucial, and the uslegalforms platform provides comprehensive resources to help you navigate these essential documents.

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Unconditional Waiver and Release of Lien Upon Final Payment

Note: This summary is not intended to be an all inclusive discussion of New York's construction or mechanic's lien laws, but does include basic provisions.

What is a construction or mechanic's lien?

Every State permits a person who supplies labor or materials for a construction project to claim a lien against the improved property. While some states differ in their definition of improvements and some states limit lien claims to buildings or structures, most permit the filing of a document with the local court that puts parties interested in the property on notice that the party asserting the lien has a claim. States differ widely in the method and time within which a party may act on their lien. Also varying widely are the requirements of written notices between property owners, contractors, subcontractors and laborers, and in some cases lending institutions. As a general rule, these statutes serve to prevent unpleasant surprises by compelling parties who wish to assert their legal rights to put all parties who might be interested in the property on notice of a claim or the possibility of a claim. This by no means constitutes a complete discussion of construction lien law and should not be interpreted as such. Parties seeking to know more about construction laws in their State should always consult their State statutes directly.

Who can file a lien in this State?

New York law permits "A contractor, subcontractor, laborer, materialman, landscape gardener, nurseryman or person or corporation selling fruit or ornamental trees, roses, shrubbery, vines and small fruits, who performs labor or furnishes materials for the improvement of real property with the consent or at the request of the owner thereof, or of his agent, contractor or subcontractor, and any trust fund to which benefits and wage supplements are due or payable for the benefit of such laborers, to have a lien for the principal and interest, of the value, or the agreed price, of such labor, including benefits and wage supplements due or payable for the benefit of any laborer, or materials upon the real property improved or to be improved and upon such improvement, from the time of filing a notice of such lien..." N.Y. Lien Law Â§3.

How long does a party have to file a lien?

A notice of lien may be filed at anytime during the progress of the work and the furnishing of the materials, or, within eight months after the completion of the contract, or the final performance of the work, or the final furnishing of the materials, dating from the last item of work performed or materials furnished; provided, however, that where the improvement is related to real property improved or to be improved with a single family dwelling, the notice of lien may be filed at any time during the progress of the work and the furnishing of the materials, or, within four months after the completion of the contract, or the final performance of the work, or the final furnishing of the materials, dating from the last item of work performed or materials furnished. N.Y. Lien Law Â§10.

What kind of notice is required prior to filing a lien?

"Within five days before or thirty days after filing the notice of lien, the lienor shall serve a copy of such notice upon the owner, if a natural person, (a) by delivering the same to him personally, or if the owner cannot be found, to his agent or attorney, or (b) by leaving it at his last known place of residence in the city or town in which the real property or some part thereof is situated, with a person of suitable age and discretion, or (c) by registered or certified mail addressed to his last known place of residence, or (d) if such owner has no such residence in such city or town, or cannot be found, and he has no agent or attorney, by affixing a copy thereof conspicuously on such property, between the hours of nine o'clock in the forenoon and four o'clock in the afternoon; if the owner be a corporation, said service shall be made (i) by delivering such copy to and leaving the same with the president, vice-president, secretary or clerk to the corporation, the cashier, treasurer or a director or managing agent thereof, personally, within the state, or (ii) if such officer cannot be found within the state by affixing a copy thereof conspicuously on such property between the hours of nine o'clock in the forenoon and four o'clock in the afternoon, or (iii) by registered or certified mail addressed to its last known place of business. Failure to file proof of such a service with the county clerk within thirty-five days after the notice of lien is filed shall terminate the notice as a lien." N.Y. Lien Law Â§10.

How long is a lien good for?

"Any lien created under New York law shall be a lien for a period longer than one year after the notice of lien has been filed, unless within that time an action is commenced to foreclose the lien, ..." or the appropriate steps are taken to request that the court grant an extension. N.Y. Lien Law Â§17.

Are liens assignable?

Yes. New York statutes provide for the assignment of valid liens. The assignment must be in writing and acknowledged by the lien holder. N.Y. Lien Law Â§13.

Does this State require or provide for a notice from subcontractors and laborers to property owners?

Yes. A contractor working on a public improvement may issue a written demand that a state agency provide a notice of completion and acceptance. Also, a subcontractor or other party who furnishes labor and or materials for the improvement of property may issue a demand to the owner or contractor demanding that the owner or contractor provide a statement of the terms of the contract between the owner and the contractor.

Does this State require or provide for a notice from the property owner to the contractor, subcontractor, or laborers?

Yes. Under New York law a property owner whose property has been the subject of a notice of lien may demand in writing that the lien claimant provide an itemized statement of the labor and/or materials provided and their value.

Does this State require a notice prior to starting work, or after work has been completed?

No. New York statutes do not require a Notice of Commencement or a Notice of Completion as required in some other States.

Does this State permit a person with an interest in property to deny responsibility for improvements?

No. New York statutes do not have a provision which permits the denial of responsibility for improvements.

Is a notice attesting to the satisfaction of a lien provided for or required?

No. New York statutes do not provide for or require that a lien holder who has been paid produce or file a notice to that effect.

By what method does the law of this State permit the release of a lien?

A lien claimed under New York law may be discharged by the issuing of a certificate by the lien holder, filed in the court where the lien notice was filed, acknowledging the satisfaction and release of said lien. Otherwise, the lien will dissolve automatically within one year of filing if no legal action is taken to foreclose on said lien.

Does this State permit the use of a bond to release a lien?

Yes. New York law permits a party with an interest in the property in question to file a bond in the amount unpaid under the contract.