This Conditional Waiver and Release Upon Progress Payment form is for use by an individual or corporation who has been paid and has received a progress payment for labor, services, equipment or material furnished to the sub-contractor or agent on the job of the contractor or general contractor located at the customer's or owner's property, to waive and release any right to a mechanic's lien, stop notice, or any right against a labor and material bond on the job. This release covers a progress payment for labor, services, equipment, or materials furnished to the customer, through a particular date only and does not cover any retentions retained before or after the release date, extras furnished before the release date for which payment has not been received, or extras or items furnished after the release date. Rights based upon work performed or items furnished under a written change order which has been fully executed by the parties prior to the release date are covered by this release unless specifically reserved by the claimant in this release.
Centennial Colorado Conditional Waiver and Release Upon Progress Payment is a legal document that establishes an understanding between the party performing work on a construction project (referred to as the claimant) and the party making payments for the project (known as the owner, contractor, or subcontractor). This waiver and release is executed when the claimant receives a partial payment in exchange for the work completed. The purpose of the Centennial Colorado Conditional Waiver and Release Upon Progress Payment is to protect the claimant's right to receive payment for the work performed, while also providing assurance to the paying party that the claimant will not seek further payment for the specific work covered by the waiver. This document serves as evidence that the claimant has received a partial payment, and by signing it, the claimant acknowledges that the payment is received on the condition that it constitutes a partial payment only and not the final payment for the project. The claimant agrees to release any legal rights or claims related to the specific payment amount or work completed up until that point, paving the way for further progress payments. There are different types of Centennial Colorado Conditional Waiver and Release Upon Progress Payment, each serving a specific purpose: 1. Conditional Waiver and Release Upon Progress Payment — This waiver and release is signed by the claimant to confirm receipt of a partial payment. It is conditioned upon the actual receipt and clearance of the payment, and covers the work completed up until the stated date. 2. Unconditional Waiver and Release Upon Progress Payment — This waiver and release is executed by the claimant once the payment has been fully received and cleared. Unlike the conditional waiver, this type does not depend on the condition of payment clearance and releases any and all rights to claim payment for the work mentioned. 3. Conditional Waiver and Release Upon Final Payment — This type of waiver and release is used by the claimant to acknowledge receipt of the final payment for the completed project. It may include additional language to ensure that all payments, change orders, and deductions have been accounted for. 4. Unconditional Waiver and Release Upon Final Payment — Similar to the conditional waiver, this waiver and release is signed by the claimant once the final payment has been received and cleared, releasing any rights to claim further payment or seek liability against the paying party. The Centennial Colorado Conditional Waiver and Release Upon Progress Payment is a crucial document in the construction industry as it protects the interests of both the claimant and the paying party. It ensures transparency, accountability, and the smooth flow of payments throughout the course of a construction project. It is recommended that all parties involved seek legal advice when preparing and executing these waivers to protect their rights fully.Centennial Colorado Conditional Waiver and Release Upon Progress Payment is a legal document that establishes an understanding between the party performing work on a construction project (referred to as the claimant) and the party making payments for the project (known as the owner, contractor, or subcontractor). This waiver and release is executed when the claimant receives a partial payment in exchange for the work completed. The purpose of the Centennial Colorado Conditional Waiver and Release Upon Progress Payment is to protect the claimant's right to receive payment for the work performed, while also providing assurance to the paying party that the claimant will not seek further payment for the specific work covered by the waiver. This document serves as evidence that the claimant has received a partial payment, and by signing it, the claimant acknowledges that the payment is received on the condition that it constitutes a partial payment only and not the final payment for the project. The claimant agrees to release any legal rights or claims related to the specific payment amount or work completed up until that point, paving the way for further progress payments. There are different types of Centennial Colorado Conditional Waiver and Release Upon Progress Payment, each serving a specific purpose: 1. Conditional Waiver and Release Upon Progress Payment — This waiver and release is signed by the claimant to confirm receipt of a partial payment. It is conditioned upon the actual receipt and clearance of the payment, and covers the work completed up until the stated date. 2. Unconditional Waiver and Release Upon Progress Payment — This waiver and release is executed by the claimant once the payment has been fully received and cleared. Unlike the conditional waiver, this type does not depend on the condition of payment clearance and releases any and all rights to claim payment for the work mentioned. 3. Conditional Waiver and Release Upon Final Payment — This type of waiver and release is used by the claimant to acknowledge receipt of the final payment for the completed project. It may include additional language to ensure that all payments, change orders, and deductions have been accounted for. 4. Unconditional Waiver and Release Upon Final Payment — Similar to the conditional waiver, this waiver and release is signed by the claimant once the final payment has been received and cleared, releasing any rights to claim further payment or seek liability against the paying party. The Centennial Colorado Conditional Waiver and Release Upon Progress Payment is a crucial document in the construction industry as it protects the interests of both the claimant and the paying party. It ensures transparency, accountability, and the smooth flow of payments throughout the course of a construction project. It is recommended that all parties involved seek legal advice when preparing and executing these waivers to protect their rights fully.
