This Conditional Waiver and Release Upon Progress Payment form is for use by an individual upon receipt of a payment to release and waive any notice of lien, any private bond right, any claim for payment and any rights under any similar ordinance, rule or statute related to payment rights that he or she has on certain property. This release covers a progress payment for the work, materials or equipment furnished by the lien claimant to the property or to the lien claimant's customer which are the subject of the invoice or payment application, but only to the extent of the payment amount or such portion of the payment amount as the lien claimant is actually paid, and does not cover any retention withheld, any items, modifications or changes pending approval, disputed items and claims, or items furnished that are not paid. The lien claimant warrants that he or she either has already paid or will use the money he or she receives from this progress payment promptly to pay in full all his or her laborers, subcontractors, materialmen and suppliers for all work, materials or equipment that are the subject of this waiver and release.
Sparks Nevada Conditional Waiver and Release Upon Progress Payment — Individual is a legal document that plays a crucial role in construction projects. It is used to protect the rights of contractors, subcontractors, suppliers, and other individuals or entities involved in the construction industry. This waiver acts as an assurance that the claimant will not file a lien against the property owner for any payment they have received relating to the project. The Sparks Nevada Conditional Waiver and Release Upon Progress Payment — Individual is primarily used when partial payments are made throughout the project's duration. It allows the individual, such as a subcontractor or supplier, to waive their right to file a lien on the property owner's real estate, including any improvements or structures, in exchange for receiving the partial payment. By signing this waiver, the claimant acknowledges that the payment they have received is representative of the work or materials provided up to a specific point in the project. However, it is essential to note that this waiver only covers the progress payment received, and the claimant still retains the right to file a lien for any future amounts due or unpaid. There are different types of Sparks Nevada Conditional Waiver and Release Upon Progress Payment — Individual forms, depending on the circumstances of the construction project. Some common types include: 1. Conditional Waiver and Release Upon Progress Payment — Partial: This waiver is used when the claimant agrees to waive their rights concerning a specific partial payment received. It is typically utilized when construction payments are made incrementally, allowing contractors or subcontractors to release their claim against the property gradually. 2. Conditional Waiver and Release Upon Progress Payment — Final: This type of waiver is employed when the project is nearing completion, and the final payment is issued. By signing this waiver, the claimant acknowledges that they have received their final payment and, in turn, relinquishes their right to file a lien for any additional payment. 3. Conditional Waiver and Release Upon Progress Payment — Conditional on Receipt of Payment: This waiver is used when the claimant wants to ensure that they receive the payment before waiving their lien rights. It offers protection by allowing the claimant to release their claim upon receiving the payment specified in the document. In summary, the Sparks Nevada Conditional Waiver and Release Upon Progress Payment — Individual is an essential legal document in the construction industry. It provides protection to claimants who have received partial payments or final payments during the construction project, ensuring that they are compensated for their work or materials. Various types of this waiver exist, each catering to specific circumstances and payment situations.
