Coral Springs Florida Waiver of Right to Claim Against the Payment Bond (Progress Payment) - Corporation or LLC

• Category: Florida Liens - Construction - Mechanics
• State: Florida
• City: Coral Springs
• Control #: FL-03229A
• Format: Word; Rich Text

Description

This Waiver of Right to Claim Against the Payment Bond (Progress Payment) is for use by a corporate or LLC lienor to waive its right to claim against the payment bond for labor, services, or materials furnished through a specific date on a particular job of an owner of property for improvements in consideration of a certain sum of money. A Coral Springs Florida Waiver of Right to Claim Against the Payment Bond (Progress Payment) is a legal document that grants permission to waive the claim against a payment bond for a corporation or limited liability company (LLC) involved in construction projects. This waiver is specific to progress payments, meaning it relates to the release of payment for completed stages of a project. The purpose of this waiver is to protect contractors, subcontractors, suppliers, and other parties involved in construction projects from potential loss or disputes arising from late or non-payment. By signing this waiver, a corporation or LLC acknowledges that they have received payment for a specific progression of work and voluntarily gives up their right to make a claim against the payment bond for that particular progress payment. In Coral Springs Florida, there are two main types of Waiver of Right to Claim Against the Payment Bond (Progress Payment) for Corporations or LCS that may be encountered: 1. Conditional Waiver: This type of waiver is issued when a progress payment is made by the obliged (i.e., the party responsible for payment) and the corporation or LLC acknowledges the receipt of such payment. However, it is crucial to note that the waiver is conditioned upon the actual receipt of payment. If the payment does not materialize, the waiver would become void, and the corporation or LLC would retain their right to make a claim against the payment bond. 2. Unconditional Waiver: This waiver, unlike the conditional waiver, does not depend on the actual receipt of payment. By signing this type of waiver, the corporation or LLC gives up their right to make a claim against the payment bond, regardless of whether the payment is received or not. It serves as a final confirmation of payment for a specific progress payment, providing more security to the paying party. It is important for corporations and LCS in Coral Springs Florida involved in construction projects to fully understand the implications of signing a waiver of this nature. Consulting with legal professionals experienced in construction law is highly recommended ensuring the rights and interests of all parties are protected. Such legal advice can help corporations and LCS make informed decisions regarding the appropriate type of waiver to sign, considering the specific circumstances and requirements of their project.

A Coral Springs Florida Waiver of Right to Claim Against the Payment Bond (Progress Payment) is a legal document that grants permission to waive the claim against a payment bond for a corporation or limited liability company (LLC) involved in construction projects. This waiver is specific to progress payments, meaning it relates to the release of payment for completed stages of a project. The purpose of this waiver is to protect contractors, subcontractors, suppliers, and other parties involved in construction projects from potential loss or disputes arising from late or non-payment. By signing this waiver, a corporation or LLC acknowledges that they have received payment for a specific progression of work and voluntarily gives up their right to make a claim against the payment bond for that particular progress payment. In Coral Springs Florida, there are two main types of Waiver of Right to Claim Against the Payment Bond (Progress Payment) for Corporations or LCS that may be encountered: 1. Conditional Waiver: This type of waiver is issued when a progress payment is made by the obliged (i.e., the party responsible for payment) and the corporation or LLC acknowledges the receipt of such payment. However, it is crucial to note that the waiver is conditioned upon the actual receipt of payment. If the payment does not materialize, the waiver would become void, and the corporation or LLC would retain their right to make a claim against the payment bond. 2. Unconditional Waiver: This waiver, unlike the conditional waiver, does not depend on the actual receipt of payment. By signing this type of waiver, the corporation or LLC gives up their right to make a claim against the payment bond, regardless of whether the payment is received or not. It serves as a final confirmation of payment for a specific progress payment, providing more security to the paying party. It is important for corporations and LCS in Coral Springs Florida involved in construction projects to fully understand the implications of signing a waiver of this nature. Consulting with legal professionals experienced in construction law is highly recommended ensuring the rights and interests of all parties are protected. Such legal advice can help corporations and LCS make informed decisions regarding the appropriate type of waiver to sign, considering the specific circumstances and requirements of their project.