What is unconditional waiver and release on final payment?

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.

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New York Unconditional Waiver and Release of Lien Upon Final Payment

New York Unconditional Waiver and Release of Lien Upon Final Payment

Q: What is unconditional waiver and release on final payment?

An &quot;Unconditional Waiver and Release Upon Final Payment&quot; extinguishes all claimant rights upon receipt of the payment. A &quot;Conditional Waiver and Release Upon Final Payment&quot; extinguishes all claimant rights upon receipt of the final payment with certain provisions.

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.

Definition and meaning

The New York Unconditional Waiver and Release of Lien Upon Final Payment is a legal document used by contractors, subcontractors, and suppliers in the construction industry. This document serves to waive their right to file a lien against the property in exchange for final payment for work completed or materials provided. By signing this form, individuals or entities confirm that they have received payment and relinquish their claims to any liens related to the work performed.

How to complete a form

To complete the New York Unconditional Waiver and Release of Lien Upon Final Payment, follow these steps:

Fill in the date on which the waiver is executed.
Insert the name and address of the lienor.
Specify the amount of final payment received.
Indicate the date up until which labor or materials were provided.
Provide the customer's name and the property owner's name.
Describe the property location clearly.
Sign the document and print the name of the lien holder.

Who should use this form

This form is primarily used by contractors, subcontractors, suppliers, and other service providers in the construction industry. It is relevant for those who have completed work or delivered materials and are seeking to ensure that they have been paid before relinquishing their lien rights. It is particularly useful in New York, where lien laws require careful documentation to protect the rights of all parties involved in construction projects.

Key components of the form

The New York Unconditional Waiver and Release of Lien Upon Final Payment includes the following key components:

Date of waiver
Name and address of the lienor
Amount of final payment
Date of last work performed or materials supplied
Name of the customer
Name of the property owner
Description of the property
Signature and printed name of the lien holder

What to expect during notarization or witnessing

When you take the New York Unconditional Waiver and Release of Lien Upon Final Payment to a notary, expect the following process:

The notary will verify your identity and ensure you are signing voluntarily.
You may need to provide valid identification, such as a driver's license or passport.
Once verified, the notary will sign and seal the document, confirming its authenticity.

It is crucial to have the document notarized, as this adds a layer of validity and can protect against disputes regarding its execution.

Common mistakes to avoid when using this form

To ensure the validity of the New York Unconditional Waiver and Release of Lien Upon Final Payment, be aware of these common mistakes:

Failing to include the correct amount of final payment.
Neglecting to provide a full property description.
Forgetting to sign and print the name of the lien holder.
Not obtaining notarization, which is essential for legal validity.
Using vague or incomplete dates for work performed.

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FAQ

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.

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.

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."

Lien waivers that are given after payment is received and which generally cover payments received in a prior pay period are considered trailing lien waivers.Lien waiv- ers are typically provided with each requisition during the course of the project and at final completion of the project.

A lien waiver is signed before a lien is actually filed. The party submitting the lien waiver states that they waive the right to lien against the project. In some instances, the property owner or general contractor may request that you sign and deliver a lien waiver before payment is disbursed.

New York does not require lien waivers to be notarized.

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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.