Oregon Conditional Waiver and Release of Claim of Lien Upon Progress Payment
About this form
The Conditional Waiver and Release of Claim of Lien Upon Progress Payment is a legal document used by a lienor to waive their right to claim a lien in exchange for progress payments. It ensures that a lienor will not hold a claim against a property for labor, services, or materials provided up to a certain date, as long as they receive the agreed-upon payment. This form creates a conditional release, meaning it becomes void if payment is not received within a specified timeframe, offering clear protections for both parties involved.
Key parts of this document
- Name and contact information of the lienor.
- Name of the debtor (customer or property owner).
- Amount of the lien being waived.
- Legal description of the property involved.
- Date of service completion and payment receipt terms.
- Signature of the lien holder and notary acknowledgment.
State-specific requirements
This form may have specific requirements based on state laws regarding lien waivers and releases. It is advisable to consult local regulations to ensure compliance and validity.
When to use this document
This form is typically used in construction and contracting scenarios where a service provider (lienor) wishes to receive a payment for work completed on a property. It is especially important when partial payments are involved, allowing the lienor to waive their lien without forfeiting their rights, provided they receive the agreed payment. Use this form when you want to ensure clarity and protect your interests in ongoing payment situations.
Who this form is for
- Contractors or subcontractors providing labor or materials on a property.
- Suppliers of construction materials who want assurance in payment terms.
- Property owners wanting to settle payments without incurring liens on their property.
How to prepare this document
- Identify the parties by entering the lienor's and debtor's names and contact information.
- Specify the amount of the lien and describe the property using legal description details.
- Enter the completion date of services and the payment received in exchange for waiver.
- Sign the document as the lien holder and ensure notarization is completed if required.
- Distribute copies of the completed form to relevant parties for their records.
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.
Common mistakes to avoid
- Failing to include the complete legal description of the property.
- Not specifying the correct amount being waived or the date of service completion.
- Overlooking the deadline for payment receipt that voids the waiver.
- Neglecting to have the form notarized if required by local law.
Benefits of using this form online
- Convenience of downloading and completing the form from any location.
- Editable templates that allow for quick updates and customization.
- Access to professionally drafted forms that meet legal standards.
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FAQ
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.
Satisfy the terms of the loan by paying the balance of the loan back to the lender, including any interest incurred. If you don't receive the lien release, submit a request to your lender for proof that the loan has been satisfied.
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!
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).
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.
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 "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.
The main purpose of a lien waiver is to provide protection to the paying party. In exchange for such payment, the lien waiver waives the payee's right to file a lien for the exact value of the payment they have received.
