This Unconditional Waiver and Release of Lien Upon Final Payment 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 specific date to a customer on the job of an owner of property.
Cary, North Carolina Unconditional Waiver and Release of Lien Upon Final Payment is a legal document commonly used in the construction industry to release a lien on a property upon receipt of final payment. This type of waiver is crucial in ensuring smooth transactions between contractors, subcontractors, suppliers, and property owners. When a construction project reaches its completion and all outstanding payments have been settled, the party receiving the final payment may request the other party to sign an Unconditional Waiver and Release of Lien. By signing this document, the party releasing the lien acknowledges that they have been paid in full and have no further claims or rights to the property related to the project. Key terms related to Cary, North Carolina Unconditional Waiver and Release of Lien Upon Final Payment include: 1. Unconditional Waiver: This document is considered "unconditional" as it does not contain any conditions or limitations on receiving the final payment. It signifies a complete release of lien rights associated with the construction project. 2. Release of Lien: By signing this document, the party releasing the lien states that they will no longer claim any rights or interests in the property upon receiving the final payment. This release ensures that the property can be freely transferred or refinanced without any encumbrances. 3. Final Payment: This refers to the last payment made to the contractor or supplier upon the completion of the project and the satisfaction of all contractual obligations. It is essential for both parties involved in the construction project to accurately determine when the final payment has been made. 4. Construction Lien: A lien is a legal claim that an unpaid contractor, subcontractor, or supplier can place on a property to secure payment for their work or materials provided. An Unconditional Waiver and Release of Lien helps release this claim upon the receipt of final payment. 5. Different Types: Although the Unconditional Waiver and Release of Lien Upon Final Payment is a standard document, there might be variations depending on the specific circumstances or requirements of the contracting parties. For example, there could be different waivers for general contractors, subcontractors, suppliers, or even different stages of a project. In conclusion, the Cary, North Carolina Unconditional Waiver and Release of Lien Upon Final Payment is an important document used in construction projects for the release of liens upon receipt of final payment. Understanding and properly executing this document is crucial to maintain a legally sound and efficient construction process.
