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 Wake North Carolina Conditional Waiver and Release of Lien Upon Progress Payment is a legal document used in construction projects to release a portion of lien rights in exchange for receiving payment for work completed or materials supplied. This waiver is conditional, meaning it is only effective upon the receipt of progress payment from the property owner, contractor, or other parties involved. Keywords: Wake North Carolina, conditional, waiver, release of lien, progress payment, construction projects, lien rights. There are different types of Wake North Carolina Conditional Waiver and Release of Lien Upon Progress Payment, depending on the specific circumstances of the construction project. 1. Partial Conditional Waiver and Release of Lien Upon Progress Payment: This type of waiver is used when a contractor or supplier agrees to release the lien only to the extent of the progress payment received. It signifies that the specified amount has been paid, and the lien rights for that particular amount are waived. 2. Final Conditional Waiver and Release of Lien Upon Progress Payment: This type of waiver is used when the construction project is complete, and the final payment is being made. By signing this waiver, the contractor or supplier acknowledges that all outstanding payments have been received and releases all lien rights on the project. 3. Conditional Waiver and Release of Lien Upon Progress Payment — With Exception: In certain cases, a contractor or supplier may include exceptions to the waiver, specifying any outstanding payments or disputes that are not covered by the waiver. This type of waiver ensures that the remaining lien rights are preserved for the outstanding amounts. It is important to note that these waivers are legal documents, and their use should be based on appropriate legal advice to ensure compliance with Wake North Carolina's construction laws and regulations. Contractors, suppliers, and property owners should thoroughly understand the conditions and terms outlined within the waiver before signing and exchanging payment.
