This is a sample Conditional Lien Waiver Upon Final Payment. Use this form when the claimant is required to sign a waiver and release in exchange for, or in order to, induce a final payment and the claimant asserts in the waiver that he or she has received the final payment.
If you've got worries, it's best to chat with a lawyer or a legal expert. They'll help you untangle any confusion and make sure you're covered.
Once you've signed it and the payment has cleared, it's pretty much set in stone. Revoking it isn't typically on the table.
Not every project needs it, but it's a smart move, especially for bigger jobs. It helps prevent any surprises down the road.
You should use it when you're wrapping up payment for a project. It's a simple way to ensure that everyone is on the same page regarding payments and waivers.