Utah Conditional Waiver and Release Upon Progress Payment - Corporation
About this form
The Conditional Waiver and Release Upon Progress Payment form is a legal document used by corporate lien claimants to waive their right to file a lien on a property in exchange for progress payments. This form provides assurance to property owners by indicating that the lien claimant has accepted a payment, thereby relinquishing any lien rights for the amount specified. This form differs from other lien waiver forms by specifically addressing progress payments rather than final payments, making it suitable for ongoing projects where phased payments apply.
What’s included in this form
- Identification of the corporation and authorized representative.
- Details about the property name and its location.
- Information about the customer and invoice/payment application number.
- Specified payment amount and the payment period.
- Statement of waiver of rights under relevant Utah statutes once the check is endorsed and cleared.
- Required signatures and acknowledgments.
Situations where this form applies
This form is necessary when a corporate lien claimant has completed work, provided materials, or incurred costs and expects payment on a progress billing. It is applied in scenarios where there is partial completion of a project and a corresponding payment is due. The form must be executed to clear any potential lien rights for that progress payment, protecting both the lien claimant and the property owner from future disputes over payment rights.
Who should use this form
- Corporate entities or corporations providing labor, materials, or equipment on construction projects.
- Representatives of these corporations authorized to sign legal documents.
- Property owners or clients who need assurance that their payments are adequately securing against future lien claims.
Instructions for completing this form
- Identify the corporate lien claimant by entering the company name and representative's details.
- Specify the property name and include its location and description.
- Enter the customer details along with the invoice or payment application number.
- Indicate the payment amount and the period for which this payment applies.
- Sign the form and ensure acknowledgment by the corporation's secretary as required.
Does this form need to be notarized?
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
- Failing to include complete property description and payment details.
- Not obtaining the necessary signatures from authorized representatives.
- Overlooking the required acknowledgment section for notarization.
- Using incomplete or incorrect information about the customer or invoice.
Benefits of completing this form online
- Convenient access to legally compliant forms anytime.
- Editable templates allow for customization to fit specific needs.
- Reliable updates ensure the most current legal standards are met.
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FAQ
An unconditional partial waiver should be used when you have received a progress payment on the project. You may be expecting future payments on the project, but are looking to sign a waiver for a specific progress or partial payment that you are receiving.
Conditional Waiver for Progress or Partial Payment A partial conditional waiver should be used when you are expecting to receive a progress payment on the project. You may be expecting future payments on the project, but are looking to sign a waiver for a specific progress or partial payment that you are receiving.
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.
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...
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.
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.
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.
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.
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).