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.
No, they’re not the same. A Conditional Lien Waiver is dependent on receiving the final payment, while an Unconditional Lien Waiver is effective once the payment is made, no strings attached.
Yes, you can prepare your own Conditional Lien Waiver, but it's a good idea to check with a lawyer to ensure it's done correctly. Getting the wording right can save you a lot of headaches later.
If the contractor doesn't provide a waiver after you've made your payment, you could be at risk of a lien being placed on your property. It's crucial to have that document in hand to avoid any surprises down the road.
The contractor or supplier who provided the work or materials needs to sign the Conditional Lien Waiver. It's important to get this in place to protect your property from any claims later on.
A Conditional Lien Waiver Upon Final Payment is a document that shows a contractor or supplier agrees to waive their right to file a lien on a property once they receive their final payment. It's like a handshake deal that ensures everyone is on the same page.