Mississippi Waiver And Release Of Lien Upon Final Payment Form
Definition and meaning
The Mississippi Waiver And Release Of Lien Upon Final Payment Form is a legal document used primarily by contractors, subcontractors, and suppliers in the state of Mississippi. This form serves to formally acknowledge that they have received final payment for services or materials provided. By signing this waiver, they relinquish any rights to file a lien against the property for the work completed or materials supplied.
How to complete a form
To complete the Mississippi Waiver And Release Of Lien Upon Final Payment Form, follow these steps:
- Begin by filling in the name of the contractor and provide a description of the materials and/or labor supplied.
- Identify the project title and the location of the property, including the city, county, and property description.
- State the final payment amount received by the undersigned.
- Provide your signature along with your printed name and title.
- Lastly, have the form notarized before submission.
Who should use this form
This form is intended for use by mechanics, materialmen, contractors, and subcontractors who have provided labor, materials, or services for a construction project in Mississippi. If you have completed your work and received final payment for those services, this waiver is essential to formally release any potential claims against the property.
Legal use and context
The Mississippi Waiver And Release Of Lien Upon Final Payment Form is governed by Mississippi law, specifically under Section 85-7-419 of the Mississippi Code of 1972. It is crucial for users to understand that by executing this document, they are legally agreeing that their claims to any lien on the property are waived upon receipt of payment. This helps prevent disputes over unpaid debts and protects property owners from potential claims.
Common mistakes to avoid when using this form
Users should be aware of these common pitfalls when completing the Mississippi Waiver And Release Of Lien Upon Final Payment Form:
- Failing to include all necessary details about the services provided.
- Not providing a proper description of the property.
- Overlooking to have the document notarized, which is critical for enforceability.
- Not checking the payment amount stated on the form against what was actually received.
What to expect during notarization or witnessing
When having the Mississippi Waiver And Release Of Lien Upon Final Payment Form notarized, you will need to present valid identification to the notary public. The notary will verify your identity and witness your signature. It is important to ensure that all sections of the form are filled out correctly before your appointment, as incomplete forms may be refused by the notary.
Key takeaways
Before completing the Mississippi Waiver And Release Of Lien Upon Final Payment Form, keep these key points in mind:
- This form is essential for protecting both the contractor's and property owner's rights.
- Ensure that all information is accurate and fully completed.
- Notarization is a necessary step for the form's legal standing.
- Being well-informed about the legal implications can prevent future disputes.
Form popularity
FAQ
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.
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.
A lien release is a document that is filed in the public land records as the official notice that the lien is removed. Once payment has been received, a contractor has a duty to remove any lien that was filed against the property.
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.
It basically states that you've paid the subcontractor what is owed, they accept the payment in full, and they waive the right to put a lien on your property. Simply present this form to the subcontractor with your payment and ask them to sign it. Make sure you get their signature!
LIen waivers are not required to be notarized. The primary times that a document needs to be notarized is if it is going to be filed with the county recorder or it is an affidavit. There are some other documents that often use notarization, but lien waivers don't fall into any of those that "need to be notarized."
Bottom Line: Never Sign an Unconditional Lien Waiver Prior to Receiving Payment!If the lien waiver is the only proof the owner has as to whether a particular party has been paid, the owner must be able to rely on it in order for the lien waiver to accomplish its purpose.
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. Exceptions. Claimant's Signature. Claimant's Title. Date of Signature.
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.