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.
Keywords: Thornton Colorado, unconditional waiver and release upon progress payment, types The Thornton Colorado Unconditional Waiver and Release Upon Progress Payment is a legal document used in the construction industry to release a claimant's rights to a specific amount of money upon receiving progress payments on a project. This waiver is primarily issued by subcontractors or suppliers in Thornton, Colorado, to waive any future claims for the funds paid to them during the construction project. This waiver is crucial for maintaining smooth financial transactions between parties involved in a construction project. It ensures that subcontractors or suppliers receive timely payments for the work done or materials supplied, while relinquishing any future claims or liens on the property. By signing this document, the claimant acknowledges their receipt of the progress payment and confirms that they will not pursue any further claims related to the specific payment. There are different types of Thornton Colorado Unconditional Waiver and Release Upon Progress Payment, which include: 1. Partial Unconditional Waiver and Release Upon Progress Payment: This type of waiver is used when a claimant receives a partial payment for work performed or materials supplied. By signing this document, the claimant waives their rights to any claims regarding the specific amount received while retaining their rights to any remaining unpaid amounts. 2. Final Unconditional Waiver and Release Upon Progress Payment: When the construction project reaches its completion and the final payment is made, this type of waiver is used. By signing this document, the claimant waives all of their rights to any future claims, liens, or disputes related to the project. It is vital to note that by signing the final unconditional waiver, the claimant relinquishes their right to file a mechanic's lien on the property. The Thornton Colorado Unconditional Waiver and Release Upon Progress Payment protects all parties involved in the construction process by promoting transparency, ensuring prompt payments, and preventing potential legal conflicts. It is essential for claimants to thoroughly understand the specific waiver they are signing, taking into account the payment amount, terms, and any conditions or exceptions mentioned in the document.Keywords: Thornton Colorado, unconditional waiver and release upon progress payment, types The Thornton Colorado Unconditional Waiver and Release Upon Progress Payment is a legal document used in the construction industry to release a claimant's rights to a specific amount of money upon receiving progress payments on a project. This waiver is primarily issued by subcontractors or suppliers in Thornton, Colorado, to waive any future claims for the funds paid to them during the construction project. This waiver is crucial for maintaining smooth financial transactions between parties involved in a construction project. It ensures that subcontractors or suppliers receive timely payments for the work done or materials supplied, while relinquishing any future claims or liens on the property. By signing this document, the claimant acknowledges their receipt of the progress payment and confirms that they will not pursue any further claims related to the specific payment. There are different types of Thornton Colorado Unconditional Waiver and Release Upon Progress Payment, which include: 1. Partial Unconditional Waiver and Release Upon Progress Payment: This type of waiver is used when a claimant receives a partial payment for work performed or materials supplied. By signing this document, the claimant waives their rights to any claims regarding the specific amount received while retaining their rights to any remaining unpaid amounts. 2. Final Unconditional Waiver and Release Upon Progress Payment: When the construction project reaches its completion and the final payment is made, this type of waiver is used. By signing this document, the claimant waives all of their rights to any future claims, liens, or disputes related to the project. It is vital to note that by signing the final unconditional waiver, the claimant relinquishes their right to file a mechanic's lien on the property. The Thornton Colorado Unconditional Waiver and Release Upon Progress Payment protects all parties involved in the construction process by promoting transparency, ensuring prompt payments, and preventing potential legal conflicts. It is essential for claimants to thoroughly understand the specific waiver they are signing, taking into account the payment amount, terms, and any conditions or exceptions mentioned in the document.
