Texas Unconditional Waiver and Release of Lien on Progress Payment by a corporation or LLC Claimaint
Definition and meaning
A Texas Unconditional Waiver and Release of Lien on Progress Payment is a legal document that allows a construction contractor or supplier, typically a corporation or LLC, to waive their right to place a lien on a property. This waiver is granted in exchange for a payment that has been received, signaling that the contractor has been compensated for the work completed thus far on a construction project.
This form safeguards the property owner, ensuring that they are not subject to future lien claims for the work completed under the specified agreement.
How to complete a form
Completing the Texas Unconditional Waiver and Release of Lien on Progress Payment involves several crucial steps:
- Enter the name of the project and job number in the designated fields.
- Specify the amount received as payment for services rendered up to that point.
- Provide the name of the contracting party and the property owner's name.
- Include a detailed job description to clearly outline the work performed.
- Sign and date the document, ensuring that it is duly executed by a representative of the corporation or LLC.
- If required, have the document notarized to certify authenticity.
Ensure that all fields are filled accurately to avoid any potential issues with enforcement.
Who should use this form
This form is primarily intended for contractors, subcontractors, suppliers, or any business entity involved in construction projects in Texas who wish to formally waive their mechanic’s lien rights in exchange for progress payments. If you are a corporation or LLC that has provided labor or materials for a construction project and have received payment, you should consider using this form to document the waiver of your lien rights.
Legal use and context
The Texas Unconditional Waiver and Release of Lien on Progress Payment is governed by Texas lien laws, which protect both the property owner and the contractor. By using this form, a contractor can safely confirm that payment has been made, providing legal assurance that they relinquish any future claims against the property for that particular payment.
Benefits of this form include:
- Clear documentation of payments made.
- Reduced risk of lien disputes for the property owner.
- Legal protection for the contractor, reinforcing the legitimacy of the payment received.
Form popularity
FAQ
The Unconditional Waiver and Release on Final Payment form is used when the claimant is required to execute a waiver in exchange for a final payment, and the claimant acknowledges that final payment has been received.
The Unconditional Waiver and Release on Final Payment form is used when the claimant is required to execute a waiver in exchange for a final payment, and the claimant acknowledges that final payment has been received.
The Texas final unconditional waiver form should be used when the final payment for a project has been made and received by the party that furnished labor or materials. Signing this waiver signifies that payment has been received and no further payments are expected following the payment described in the waiver.
How to fill out a Texas Unconditional Waiver and Release on Final Payment Project. This is the official name of your project.Job No. This is your project number or contract number. Person with whom signer contracted.Owner.Location.Job description.Date.Company name, Signature, Title.
Conditional lien waivers become binding once there is evidence of payment being made. Unconditional lien waivers are binding once they're signed. However, Texas statute prohibits requesting an unconditional waiver before payment is actually made.
Conditional Waiver and Release Upon Final Payment Use this form when the claimant is required to sign a waiver and release in exchange for, or in order to, induce a final payment, and the claimant has not yet been paid. This release is only binding if there is evidence of payment to the claimant.
How to complete the Conditional Waiver and Release on Progress Payment form Name of Claimant. The claimant is the party receiving the payment ? in other words, the one waiving their lien rights.Name of Customer.Job Location.Owner.Through Date.Maker of the Check.Amount of the Check.Check Payable To.