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.
Description: The Raleigh North Carolina Conditional Waiver and Release of Lien Upon Progress Payment is a legal document that allows contractors, subcontractors, and suppliers to release their right to a lien on a property upon receiving a progress payment for the work or materials supplied. This waiver is a crucial tool in construction and real estate projects in Raleigh, North Carolina, as it ensures fair payment practices and protects the interests of all parties involved. The Conditional Waiver and Release of Lien form signifies that the contractor or supplier has received a partial payment for the work completed thus far. It acknowledges that there is a remaining balance due and explicitly states that the lien rights will be waived only upon receipt of the specified payment. It acts as a declaration of intent to release any potential claim for a lien against the property upon receiving the payment. Keywords: Raleigh North Carolina, Conditional Waiver and Release of Lien, Progress Payment, Contractors, Subcontractors, Suppliers, Construction projects, Real estate, Fair payment practices, Interests, Partial payment, Remaining balance, Lien rights, Intent, Claim. Different types of Raleigh North Carolina Conditional Waiver and Release of Lien Upon Progress Payment: 1. Unconditional Waiver and Release of Lien Upon Progress Payment: This type of waiver signifies that the full payment for the work or materials has been received, and the contractor, subcontractor, or supplier fully and unconditionally releases their right to a lien. It is typically used when the project is complete, and the final payment has been received. 2. Conditional Waiver and Release of Lien Upon Final Payment: This type of conditional waiver is used when the final payment for the project is being made. It emphasizes that the lien rights will be waived only upon receipt of the final payment, thereby ensuring that all parties are protected until the project is completely finished. 3. Conditional Waiver and Release of Lien Upon Progress Payment with Exceptions: Sometimes, contractors or suppliers may want to retain certain rights even after receiving a progress payment. This type of conditional waiver is used to specify any exceptions or conditions that need to be met in order for the lien rights to be released. 4. Conditional Waiver and Release of Lien Upon Joint Check Agreement: In some cases, a joint check agreement between the contractor, subcontractor, and project owner may be established. This type of conditional waiver is used to acknowledge the receipt of the joint payment and to release the lien rights, ensuring that all parties are aware of the specific payment arrangement in place. Keywords: Unconditional, Final payment, Exceptions, Joint Check Agreement.
