This Conditional Waiver and Release of Claim of Lien Upon Progress Payment is for use by a lienor in consideration of a certain sum of money to waive and release his or her lien and right to claim a lien for labor, services or materials furnished through a particular date to customer on the job of the owner of property. This Conditional Waiver and Release of Lien Upon Progress Payment is conditioned upon the lienor receiving collected funds in a certain amount for the described work, and if such funds are not received within a particular number of days of the date of this waiver, this Conditional Waiver and Release of Lien is void.
West Virginia Conditional Waiver and Release of Claim of Lien Upon Progress Payment
Category:
State:
West Virginia
Control #:
WV-10-09
Format:
Word;
Rich Text
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Description
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How to fill out West Virginia Conditional Waiver And Release Of Claim Of Lien Upon Progress Payment?
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FAQ
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).
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.
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.
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...
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.
Bottom Line: Never Sign an Unconditional Lien Waiver Prior to Receiving Payment!If the lien waiver is the only proof the owner has as to whether a particular party has been paid, the owner must be able to rely on it in order for the lien waiver to accomplish its purpose.
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. Maker of the Check. Amount of the Check. Check Payable To. Exceptions.
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!