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 High Point North Carolina Conditional Waiver and Release of Lien Upon Progress Payment is a legal document commonly used in the construction industry. It serves as a contractual agreement between the contractor, subcontractor, or supplier (the "claimant") and the property owner or general contractor (the "owner") when progress payments are being made towards a construction project. This waiver acts as proof that the claimant has received payment for the work performed, materials supplied, or services provided, and waives any potential lien rights on the property. Keywords: High Point North Carolina, Conditional Waiver and Release of Lien, Progress Payment, Construction Industry, Contractual Agreement, Contractor, Subcontractor, Supplier, Property Owner, General Contractor, Waiver, Proof, Payment, Work, Materials, Services, Lien Rights. There are different types of High Point North Carolina Conditional Waiver and Release of Lien Upon Progress Payment, including: 1. Partial Conditional Waiver and Release: This type of waiver is used when the claimant signs the document in exchange for a partial payment towards the overall project. It typically covers a specific portion of the work completed or materials supplied, ensuring that the claimant receives payment accordingly. 2. Final Conditional Waiver and Release: This waiver is executed when the claimant receives the final payment for the project. By signing this document, the claimant acknowledges that they have been fully compensated and releases any potential lien rights. 3. Conditional Waiver and Release with Exception: In certain situations, the claimant may want to release their lien rights for a progress payment, except for certain specific items or amounts. This type of waiver allows the claimant to receive payment for the agreed-upon items while still maintaining a potential lien for any outstanding or disputed amounts. 4. Unconditional Waiver and Release: Although not specifically stated in the question, it's important to mention that an unconditional waiver and release may also exist. Unlike the conditional waivers mentioned earlier, an unconditional waiver releases all lien rights without any conditions or exceptions. By using the appropriate High Point North Carolina Conditional Waiver and Release of Lien Upon Progress Payment, construction projects can proceed smoothly, ensuring that all parties involved are compensated fairly while protecting the property owner's interests.
