This Conditional Waiver and Release of Lien Upon Final Payment form is for use by a lienor, in consideration of final payment to waive and release his or her lien and right to claim a lien for labor, services or materials furnished through a certain date to a customer on the job of an owner of property. This Conditional Waiver and Release of Lien Upon Final Payment is conditioned upon the lienor receiving collected funds for the work described, and if such funds are not received within a specific number of days of the date of this waiver, this Conditional Waiver and Release of Lien is void.
A Cary North Carolina Conditional Waiver and Release of Lien Upon Final Payment is a legal document used in construction projects to release the claimant's right to file a lien against a property. It is executed by a contractor, subcontractor, or supplier, also known as the claimant, in exchange for the final payment. This waiver confirms that the claimant has received the full payment for their work, materials, or services and waives any future claim of lien against the property. The conditional aspect of this waiver means that it is valid only upon the receipt of final payment, ensuring that the claimant is compensated in full before relinquishing their right to lien. It provides an added layer of protection for property owners, as it ensures that all parties involved in the construction project are content with the payment terms before releasing any potential liens. There are different types of Cary North Carolina Conditional Waiver and Release of Lien Upon Final Payment, including: 1. Conditional Waiver and Release of Lien Upon Final Payment: This type of waiver is signed when the claimant receives the final payment and agrees to release any lien rights they may have had against the property. 2. Conditional Waiver and Release of Lien Upon Progress Payment: This waiver is executed when the claimant receives partial payment for their work, materials, or services. It confirms that the claimant has been paid for the completed work and releases lien rights only up to the amount received. 3. Conditional Waiver and Release of Lien Upon Partial Payment: This waiver is used when the claimant receives a portion of the payment but does not waive their lien rights entirely. It allows the claimant to retain their right to file a lien for the remaining unpaid balance. It is crucial for all parties involved in a construction project in Cary, North Carolina, to understand the implications of signing a Conditional Waiver and Release of Lien Upon Final Payment. Seeking legal advice and ensuring accurate documentation is vital to protect the rights and interests of all parties involved.
