Nevada Conditional Waiver and Release Upon Final Payment - Corporation or LLC
About this form
The Conditional Waiver and Release Upon Final Payment is a legal document used by corporations or LLCs to waive any claims or rights related to payment on a property. This form acts as confirmation that a corporation has received its final payment, effectively releasing the lien on the property for any work, materials, or equipment that were provided. Unlike other waivers, this form specifically addresses the final payment, ensuring that no claims for disputed payments are included in the release.
Key components of this form
- Property name and location to identify the relevant property.
- Customer information along with an invoice or payment application number.
- Payment amount and period for clarity on transaction specifics.
- Declaration of any disputed claims to outline any unresolved financial issues.
- Signatures of authorized personnel to validate the document's execution.
- Notarization section to confirm authenticity and legal acknowledgment.
When to use this document
This form is utilized when a corporation or LLC receives the final payment for services rendered or materials provided on a property. It is crucial in situations where the entity wants to ensure that no further claims for payment can be made, allowing them to fully discharge their right to lien on that property. This is particularly important in construction and contracting scenarios where multiple parties may be involved.
Who can use this document
- Corporations and LLCs that have provided work, materials, or equipment to a property.
- Businesses that need to confirm receipt of final payment and release any lien rights.
- Contractors and subcontractors seeking to prevent disputes after payment is made.
Instructions for completing this form
- Identify and enter the property name and location related to the payment.
- Input the name of the customer and corresponding invoice or payment application number.
- Specify the payment amount, payment period, and any disputed claims.
- Have an authorized representative sign the document, including their title and company name.
- Complete the notarization section by having a notary acknowledge the signing if required.
Notarization requirements for this form
This form needs to be notarized to ensure legal validity. US Legal Forms provides secure online notarization powered by Notarize, allowing you to complete the process through a verified video call, available anytime.
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Make edits, fill in missing information, and update formatting in US Legal Forms—just like you would in MS Word.
Download a copy, print it, send it by email, or mail it via USPS—whatever works best for your next step.
Sign and collect signatures with our SignNow integration. Send to multiple recipients, set reminders, and more. Go Premium to unlock E-Sign.
If this form requires notarization, complete it online through a secure video call—no need to meet a notary in person or wait for an appointment.
We protect your documents and personal data by following strict security and privacy standards.
Avoid these common issues
- Failing to specify any disputed claims, which can lead to misunderstandings.
- Not obtaining the required signatures or notary acknowledgment.
- Using incorrect or outdated property information.
Why complete this form online
- Easy and quick access to the form for immediate use.
- Editable fields allow for customization to fit specific transactions.
- Reliable legal templates drafted by licensed attorneys ensure compliance.
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FAQ
A "Conditional Waiver and Release Upon Progress Payment" discharges all claimant rights through a specific date, provided the payments have actually been received and processed. An "Unconditional Waiver and Release Upon Final Payment" extinguishes all claimant rights upon receipt of the payment.
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.
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...
Conditional lien waivers are provided by contractors or suppliers before they've been paid. The key language to look for in these documents is upon payment of an amount, the vendor releases their right to file a lien on the work provided up until a certain date.
An unconditional mechanic's lien waiver states the contractor has in fact been paid in full for the stated work. Write the name of the maker of the check in the space provided on the mechanic's lien release form. Fill in the amount of the payment. Write the name of contractor the payment is being made to.
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.
Conditional lien waivers are conditioned upon something (typically the receipt of payment).The party receiving payment maintains its right to file a lien until the check is actually cashed; the party making payment will never face double payment (paying the party they hired and also being faced with a lien).
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 release means that there are no restrictions on the release of the lien. This type of lien release is often used in final project documents to confirm that the project is complete, payment has occurred, and you release all future rights to file liens on the project.
