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

• Category: Florida Liens - Construction - Mechanics
• State: Florida
• County: Palm Beach
• 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. Palm Beach County in Florida offers several types of Waiver of Right to Claim Against the Payment Bond (Progress Payment) for corporations or LCS. These waivers are legal documents that waive the party's right to claim against the payment bond provided by the project owner or general contractor for payment due for work done on a construction project. They protect the interests of both the contractors and the project owners, providing a transparent and efficient mechanism for payment processing and dispute resolution. Here are three types of waivers commonly used in Palm Beach County: 1. Conditional Waiver and Release upon Progress Payment: This type of waiver is used when a contractor or subcontractor receives a progress payment, indicating that they have been paid partially for the work they have completed so far. By signing this waiver, the contractor or subcontractor acknowledges receiving the payment and agrees not to make any further claims against the payment bond for the specific period covered by the progress payment. This waiver is typically used for ongoing construction projects with multiple payment milestones. 2. Unconditional Waiver and Release upon Progress Payment: Similar to the conditional waiver, this waiver is also used when a progress payment is made. However, unlike the conditional waiver, the unconditional waiver releases the contractor or subcontractor from any further claims against the payment bond for the specific payment period without any conditions attached. This waiver is generally utilized when the contractor or subcontractor has been fully paid for the work performed during that specific period. 3. Final Conditional Waiver and Release of Lien and Bond Claim: This waiver is used during the final stages of a construction project when the contractor or subcontractor is ready to receive the final payment. By signing this waiver, they are confirming that they have been paid in full and waive their right to file any future claims against the payment bond or file a lien against the property. It is typically required before the project owner or general contractor releases the final payment. These waivers protect the interests of contractors and subcontractors by providing a clear mechanism for documenting payment and avoiding lengthy disputes, while also ensuring that project owners or general contractors are protected from any potential double payment claims. It is important to consult with a legal professional or construction law expert to understand the specific requirements and implications of these waivers to ensure compliance with Palm Beach County's regulations and safeguard the rights of all involved parties.

Palm Beach County in Florida offers several types of Waiver of Right to Claim Against the Payment Bond (Progress Payment) for corporations or LCS. These waivers are legal documents that waive the party's right to claim against the payment bond provided by the project owner or general contractor for payment due for work done on a construction project. They protect the interests of both the contractors and the project owners, providing a transparent and efficient mechanism for payment processing and dispute resolution. Here are three types of waivers commonly used in Palm Beach County: 1. Conditional Waiver and Release upon Progress Payment: This type of waiver is used when a contractor or subcontractor receives a progress payment, indicating that they have been paid partially for the work they have completed so far. By signing this waiver, the contractor or subcontractor acknowledges receiving the payment and agrees not to make any further claims against the payment bond for the specific period covered by the progress payment. This waiver is typically used for ongoing construction projects with multiple payment milestones. 2. Unconditional Waiver and Release upon Progress Payment: Similar to the conditional waiver, this waiver is also used when a progress payment is made. However, unlike the conditional waiver, the unconditional waiver releases the contractor or subcontractor from any further claims against the payment bond for the specific payment period without any conditions attached. This waiver is generally utilized when the contractor or subcontractor has been fully paid for the work performed during that specific period. 3. Final Conditional Waiver and Release of Lien and Bond Claim: This waiver is used during the final stages of a construction project when the contractor or subcontractor is ready to receive the final payment. By signing this waiver, they are confirming that they have been paid in full and waive their right to file any future claims against the payment bond or file a lien against the property. It is typically required before the project owner or general contractor releases the final payment. These waivers protect the interests of contractors and subcontractors by providing a clear mechanism for documenting payment and avoiding lengthy disputes, while also ensuring that project owners or general contractors are protected from any potential double payment claims. It is important to consult with a legal professional or construction law expert to understand the specific requirements and implications of these waivers to ensure compliance with Palm Beach County's regulations and safeguard the rights of all involved parties.