This Conditional Waiver and Release Upon Progress Payment form is for use by a corporation upon receipt of a payment to release and waive any notice of lien, any private bond right, any claim for payment and any rights under any similar ordinance, rule or statute related to payment rights that the corporation has on certain property. This release covers a progress payment for the work, materials or equipment furnished by the lien claimant to the property or to the lien claimant's customer which are the subject of the invoice or payment application, but only to the extent of the payment amount or such portion of the payment amount as the lien claimant is actually paid, and does not cover any retention withheld, any items, modifications or changes pending approval, disputed items and claims, or items furnished that are not paid. The lien claimant warrants that the lien claimant either has already paid or will use the money the lien claimant receives from this progress payment promptly to pay in full all the laborers, subcontractors, materialmen and suppliers for all work, materials or equipment that are the subject of this waiver and release.
Nevada Conditional Waiver and Release Upon Progress Payment - Corporation
Description
Definition and meaning
The Nevada Conditional Waiver and Release Upon Progress Payment for Corporations is a legal document used in the construction and contracting industry. This form allows a contractor, subcontractor, or supplier to waive their right to place a lien on a property in exchange for receiving a progress payment. It ensures that the recipient of the form acknowledges receipt of payment and agrees to release any claims against the property concerning that payment.
How to complete a form
To complete the Nevada Conditional Waiver and Release Upon Progress Payment for Corporations, follow these steps:
- Fill in the property name and location.
- Enter the name of the customer associated with the project.
- List the invoice or payment application number.
- Specify the payment amount being received.
- Sign the document and include the company name and type or print your name beneath your signature.
- Complete the notarial section by providing necessary dates and signatures, if required.
Who should use this form
This form is useful for contractors, subcontractors, and suppliers in Nevada who are seeking progress payments for services or materials provided on construction projects. It is particularly relevant for those working under a contract where payments are made in stages, ensuring that all parties understand their rights and obligations regarding lien waivers.
Key components of the form
The Nevada Conditional Waiver and Release Upon Progress Payment includes several important components:
- Property Identification: Identifies the property where work was performed.
- Recipient Information: Details on the customer or entity that has paid for the services.
- Payment Amount: Clearly states how much is being paid.
- Signature Section: Requires a signature to validate the waiver and release of claims.
- Notarial Section: May require notarization to add legal authenticity to the document.
Benefits of using this form online
Using the Nevada Conditional Waiver and Release Upon Progress Payment for Corporations online offers several advantages:
- Accessibility: Easily downloadable and printable from any location.
- Time Efficiency: Fill out and submit quickly without needing to visit a legal office.
- Up-to-date Information: Access the latest version of the form, ensuring legal compliance.
- Digital Record Keeping: Maintain electronic copies for easy reference and document management.
Common mistakes to avoid when using this form
When completing the Nevada Conditional Waiver and Release Upon Progress Payment, be mindful of the following common errors:
- Failing to fill out all required fields accurately.
- Not having the document notarized when necessary.
- Submitting the form without proper signatures, which may render it invalid.
- Overlooking the payment amount, which must match the actual payment received.
How to fill out Nevada Conditional Waiver And Release Upon Progress Payment - Corporation?
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