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.
The Greensboro, North Carolina Conditional Waiver and Release of Lien Upon Progress Payment is a legal document commonly used in construction projects to release the property owner or general contractor from any potential lien claims by subcontractors or suppliers once a progress payment has been made. This waiver signifies that the claimant has received a partial payment and waives their right to file a lien against the property for the amount covered by the payment. When it comes to different types of Greensboro, North Carolina Conditional Waiver and Release of Lien Upon Progress Payment, there are two main categories: conditional waivers with final payment and conditional waivers without final payment. 1. Conditional Waiver with Final Payment: This type of waiver is typically used when the payment made is the final and complete settlement for the claimant's work or materials. By signing this document, the claimant acknowledges that they have received the final payment and agrees to release any lien rights they may have had for the specific work or materials covered. 2. Conditional Waiver without Final Payment: This waiver is used when the payment made is just a partial or progress payment, and there are further payments remaining to be made. By signing this document, the claimant acknowledges the receipt of the partial payment and agrees to release any lien rights for the specific work or materials covered by the payment. However, the claimant still retains their lien rights for any future payments that are yet to be received. It is important for both property owners and contractors to ensure that the Greensboro, North Carolina Conditional Waiver and Release of Lien Upon Progress Payment is properly executed and filed to protect their interests. This legal document provides clarity and transparency in the payment process, helping to avoid disputes and potential delays in construction projects. In summary, the Greensboro, North Carolina Conditional Waiver and Release of Lien Upon Progress Payment is a vital document that safeguards the rights and obligations of all parties involved in a construction project. Whether it is a conditional waiver with final payment or without final payment, it serves as a crucial tool in managing lien claims and facilitating smooth progress payments.
