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.
Westminster Colorado Conditional Waiver and Release Upon Progress Payment is a legal document that ensures contractors, subcontractors, suppliers, and other relevant parties in the construction industry receive payment for their work when specific milestones or progress stages are achieved. This conditional waiver acts as a safeguard for both parties involved in the construction project, protecting the rights and interests of the contractor, as well as the entity making the payment. A conditional waiver and release upon progress payment is typically executed when a contractor or subcontractor wants to receive partial payment for their services or materials supplied on a construction project. It signifies that the party releasing the waiver acknowledges receiving payment for the completed work or materials up to a specific point or stage of the construction project. There are two main types of Westminster Colorado Conditional Waiver and Release Upon Progress Payment: 1. Conditional Waiver and Release Upon Progress Payment with Continuation Clause: This type of waiver indicates that, once the progress payment is received, the contractor or subcontractor waives their right to file a lien or claim against the property up to the specified progress stage in the project. However, it includes a continuation clause, which keeps the rights intact for any work or materials that are not reflected in the progress payment. 2. Conditional Waiver and Release Upon Progress Payment without Continuation Clause: This waiver releases the right to file a lien or claim against the property only for the work or materials that have been compensated with the progress payment. Contractors or subcontractors who choose this type of waiver retain their rights to file a lien or claim for any unpaid work or materials beyond the specified progress stage. Both types of Westminster Colorado Conditional Waiver and Release Upon Progress Payment play a crucial role in the construction industry, as they allow for timely partial payments to be made without jeopardizing the right to assert a lien or claim in the event of non-payment or disputes. It is important for all parties to thoroughly understand the terms and conditions of the waiver before signing to protect their rights and interests in the construction project.Westminster Colorado Conditional Waiver and Release Upon Progress Payment is a legal document that ensures contractors, subcontractors, suppliers, and other relevant parties in the construction industry receive payment for their work when specific milestones or progress stages are achieved. This conditional waiver acts as a safeguard for both parties involved in the construction project, protecting the rights and interests of the contractor, as well as the entity making the payment. A conditional waiver and release upon progress payment is typically executed when a contractor or subcontractor wants to receive partial payment for their services or materials supplied on a construction project. It signifies that the party releasing the waiver acknowledges receiving payment for the completed work or materials up to a specific point or stage of the construction project. There are two main types of Westminster Colorado Conditional Waiver and Release Upon Progress Payment: 1. Conditional Waiver and Release Upon Progress Payment with Continuation Clause: This type of waiver indicates that, once the progress payment is received, the contractor or subcontractor waives their right to file a lien or claim against the property up to the specified progress stage in the project. However, it includes a continuation clause, which keeps the rights intact for any work or materials that are not reflected in the progress payment. 2. Conditional Waiver and Release Upon Progress Payment without Continuation Clause: This waiver releases the right to file a lien or claim against the property only for the work or materials that have been compensated with the progress payment. Contractors or subcontractors who choose this type of waiver retain their rights to file a lien or claim for any unpaid work or materials beyond the specified progress stage. Both types of Westminster Colorado Conditional Waiver and Release Upon Progress Payment play a crucial role in the construction industry, as they allow for timely partial payments to be made without jeopardizing the right to assert a lien or claim in the event of non-payment or disputes. It is important for all parties to thoroughly understand the terms and conditions of the waiver before signing to protect their rights and interests in the construction project.
