This Unconditional 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.
Keywords: Wilmington North Carolina, unconditional waiver and release of lien, progress payment, construction industry, types. Description: The Wilmington North Carolina Unconditional Waiver and Release of Lien Upon Progress Payment is a legal document commonly used in the construction industry to ensure smooth progress of a project and protect the rights of contractors, subcontractors, and suppliers. This waiver serves as proof that the party signing it has received payment for the work performed or materials provided, and they waive any future rights to file a mechanic's lien against the property. The unconditional waiver and release of lien upon progress payment is an important tool in maintaining open lines of communication and trust between all parties involved in the construction process. It is usually executed when a progress payment is made by the project owner or the general contractor to the subcontractor or supplier. There are different types of Wilmington North Carolina Unconditional Waiver and Release of Lien Upon Progress Payment, specifically: 1. Full Unconditional Waiver and Release: This type of waiver is issued when the subcontractor or supplier receives full payment for their work or materials, releasing any potential liens on the property from that specific payment. 2. Partial Unconditional Waiver and Release: When progress payments are made in installments throughout the project, a partial unconditional waiver and release is used. This waiver covers the specific payment being made, allowing the subcontractor or supplier to waive their lien rights for that particular payment while retaining their rights for future payments. By utilizing the unconditional waiver and release of lien upon progress payment, the construction process in Wilmington, North Carolina can proceed efficiently, ensuring that all parties are compensated for their work and avoiding any potential disputes or delays due to lien claims. It is vital for all parties involved to understand and comply with these waivers to protect their rights and maintain a harmonious working relationship.
