This Unconditional Waiver and Release Upon Progress Payment form is for use by a corporation or LLC that has been paid and has received a progress payment for all work, materials and equipment the corporation furnished to its customer for the property to waive and release 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 the corporation has on the property. This release covers a progress payment for the work, materials and 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 the lien claimant either has already paid or will use the money the lien claimant receives from this progress payment promptly to pay in full all the laborers, subcontractors, materialmen and suppliers for all work, materials or equipment that are the subject of this waiver and release.
Clark Nevada Unconditional Waiver and Release Upon Progress Payment is a legal document used in the construction industry to release a contractor or subcontractor's lien rights on a construction project. It is specifically designed for corporations or limited liability companies (LCS) operating in Clark County, Nevada. When a construction project reaches a certain stage of completion or progress, the parties involved may require an unconditional waiver and release upon progress payment. This waiver and release form signifies the contractor or subcontractor's agreement to waive any future lien rights and claims for payment related to the work completed up to that point. By signing this document, the corporation or LLC acknowledges receipt of their progress payment and agrees not to assert any further claims against the project's owner or general contractor. The Clark Nevada Unconditional Waiver and Release Upon Progress Payment — Corporation or LLC comes in various types based on the specific circumstances of the construction project. Below are some common types: 1. Unconditional Waiver and Release for Progress Payment: This type of waiver and release is used when a corporation or LLC has received payment for the work completed on a construction project. By signing this document, the entity unequivocally waives their lien rights for that specific payment and acknowledges the receipt. 2. Conditional Waiver and Release for Progress Payment: Unlike the unconditional waiver and release, this type is used when a corporation or LLC wants to provide partial assurance regarding their lien rights while still expecting payment for the work completed. By signing this document, they conditionally release their lien rights upon receipt of the agreed-upon progress payment. 3. Conditional Waiver and Release for Progress Payment (Final): This type of waiver and release is utilized at the completion of a construction project. By signing this document, the corporation or LLC is prepared to conditionally release their final lien rights upon receipt of the final payment, indicating that the project has reached its conclusion. It is crucial to use the correct type of Clark Nevada Unconditional Waiver and Release Upon Progress Payment — Corporation or LLC form for your specific situation to ensure legal compliance. Consulting with a construction lawyer or experienced professional is recommended to navigate the complexities of construction lien waivers accurately.
