This Unconditional Waiver and Release Upon Progress Payment form is for use by an individual or corporation who has been paid and has received a progress payment for labor, services, equipment or material furnished to a sub-contractor or agent on the job of the contractor or general contractor located at the customer's or owner's property, to waive and release any right to a mechanic's lien, stop notice, or any right against a labor and material bond on the job. This release covers a progress payment for labor, services, equipment, or materials furnished to the customer through a specific date only and does not cover any retentions retained before or after the release date, extras furnished before the release date for which payment has not been received or extras or items furnished after the release date. Rights based upon work performed or items furnished under a written change order which has been fully executed by the parties prior to the release date are covered by this release unless specifically reserved by the claimant in this release.
Fort Collins Colorado Unconditional Waiver and Release Upon Progress Payment is a legal document used in the construction industry to acknowledge receipt of payment for work or materials provided on a project. It acts as a safeguard for both parties involved, ensuring the contractor or subcontractor receives their due payment while the property owner or contractor is protected from potential claims or liens. This type of waiver and release is specifically used when a progress payment is made during the construction process. It acknowledges the receipt of a partial payment and waives the right of the contractor or subcontractor to file a lien on the property for the amount covered by the payment. By signing this document, the contractor or subcontractor affirms that they have been paid the agreed-upon amount for the work performed, and they release any potential claims against the property owner. There are different types of Fort Collins Colorado Unconditional Waiver and Release Upon Progress Payment, including: 1. Conditional Unconditional Waiver and Release: This type of waiver and release becomes effective only when the payment is successfully processed and clears through the bank. It offers an additional layer of protection by ensuring that the paid amount is received before releasing any claims or liens. 2. Final Unconditional Waiver and Release: This waiver and release are signed when the final payment is made, indicating that all outstanding debts or obligations have been satisfied. It covers the entire project scope and provides assurance that no further claims will be made against the property. 3. Partial Unconditional Waiver and Release: This waiver and release are used when a partial payment is made before the completion of the entire project. It acknowledges the receipt of a specific amount and waives the right to file a lien for that specific portion covered by the payment. It's essential to understand that an Unconditional Waiver and Release Upon Progress Payment is a legally binding document, and it's advisable to consult with a legal professional or construction attorney experienced in Fort Collins, Colorado, to ensure compliance with local laws and regulations. This document serves as an important tool in maintaining positive business relationships within the construction industry, providing clarity and protection for all parties involved.
