This Conditional Waiver and Release of Lien Upon Progress Payment form 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 specific date to a customer on the job of an owner of property. This Conditional Waiver and Release of Lien Upon Progress Payment is conditioned upon the lienor receiving collected funds for the work described, and should such funds not be received within a certain number of days of the date of this waiver, this Conditional Waiver and Release of Lien is void.
A Cary North Carolina Conditional Waiver and Release of Lien Upon Progress Payment is a legal document that outlines the terms and conditions under which a contractor or subcontractor can release their lien rights on a construction project upon receiving a progress payment. This waiver helps protect property owners from potential liens on their property by ensuring that the contractor or subcontractor is paid for the work they have completed. The Cary North Carolina Conditional Waiver and Release of Lien Upon Progress Payment is typically used when a partial payment is made during the course of a construction project, such as after completing a specific stage of work or meeting a milestone. By signing this document, the contractor or subcontractor acknowledges receipt of payment and agrees to waive their lien rights up to the amount received. There are two main types of Cary North Carolina Conditional Waiver and Release of Lien Upon Progress Payment: 1. Conditional Waiver and Release of Lien Upon Progress Payment: This type of waiver is used when a progress payment is made, typically for a specific stage of work, but the contractor or subcontractor still wants to retain their lien rights for any remaining unpaid amount. It ensures that the contractor or subcontractor is paid for the completed work while still preserving their rights for any outstanding payments. 2. Unconditional Waiver and Release of Lien Upon Progress Payment: This waiver is used when a progress payment is made, and the contractor or subcontractor wants to release their lien rights entirely for the amount received. Signing this document indicates that they have been paid in full for the work completed up to that point and will no longer pursue any further claims or liens on the property. When drafting or using a Cary North Carolina Conditional Waiver and Release of Lien Upon Progress Payment, it is crucial to include accurate information such as the parties involved (property owner, contractor, subcontractor), the project's address, the payment amount, and the date of the payment. Most importantly, it is advisable to consult a legal professional to ensure compliance with local laws and regulations in Cary, North Carolina.
