New York Conditional Waiver and Release of Lien Upon Final Payment
Definition and meaning
The New York Conditional Waiver and Release of Lien Upon Final Payment is a legal document used by contractors, subcontractors, and suppliers to formally relinquish their right to file a lien against a property once they have received final payment for labor, services, or materials provided. This form ensures that all parties in a construction transaction have clear records regarding payment and lien rights.
How to complete the form
Completing the Conditional Waiver and Release of Lien Upon Final Payment involves the following steps:
- Enter the date the form is filled out.
- Fill in the lienor's name and contact details, including address, phone number, and fax number.
- Specify the amount of final payment to be received.
- List the work completed, including the dates services were provided.
- Provide the customer's name and the owner's name.
- Describe the property where the work was done.
- Sign the document and print your name below your signature.
Who should use this form
This form is primarily used by individuals and businesses involved in construction, including contractors, subcontractors, suppliers, and service providers. Anyone who has provided labor or materials to a project and wishes to confirm receipt of final payment should consider using this form to release their lien rights on the property.
Legal use and context
The Conditional Waiver and Release of Lien Upon Final Payment is particularly important in New York's construction law framework. By utilizing this form, lienors can avoid future disputes over unpaid work and protect themselves legally while confirming that their lien rights are extinguished upon receipt of payment.
Key components of the form
The document consists of several critical elements:
- Identity of the Lienor: Details of the person or entity relinquishing lien rights.
- Payment Amount: The final payment amount that triggers the waiver.
- Description of Work: Clear identification of the labor or materials provided.
- Property Details: Information about the property involved in the transaction.
- Signature and Notarization: The lienor must sign the form, and it typically requires notarization for legal validation.
Common mistakes to avoid when using this form
When completing the Conditional Waiver and Release of Lien Upon Final Payment, avoid these errors:
- Failing to accurately fill out the payment amount.
- Omitting details about the work performed or project description.
- Not signing the document or providing a printed name.
- Neglecting to have the form notarized, when required.
Form popularity
FAQ
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.
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.
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!
Signing an unconditional lien waiver is enforceable even before you get paid. This means that if you sign an unconditional lien waiver before receiving the money and the property owner ends up not paying up, you have already waived your lien rights because you signed the unconditional lien waiver.
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."
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.
New York does not require lien waivers to be notarized.
