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

• Category: Florida Liens - Construction - Mechanics
• State: Florida
• County: Palm Beach
• Control #: FL-03230A
• Format: Word; Rich Text

Description

This Waiver of Right to Claim Against the Payment Bond (Final Payment) is for use by a corporate or LLC lienor in consideration of final payment to waive its right to claim against the payment bond for labor, services or materials furnished on a job of an owner of property for improvements. A Palm Beach Florida Waiver of Right to Claim Against the Payment Bond (Final Payment) is a legal document used by corporations or limited liability companies (LCS) involved in construction projects to waive their right to make a claim against the payment bond for final payment. This waiver essentially states that the corporation or LLC acknowledges receipt of final payment and agrees not to pursue any further claims against the payment bond. There are several types of Palm Beach Florida Waiver of Right to Claim Against the Payment Bond (Final Payment) for corporations or LCS, including: 1. Partial Waiver: This type of waiver is used when the corporation or LLC has received a partial payment towards the final amount owed. By signing this waiver, the corporation or LLC waives its right to claim any additional payment against the payment bond for the specific partial amount received. 2. Conditional Waiver: A conditional waiver is used when the corporation or LLC has not yet received the final payment but is willing to waive its right to make a claim against the payment bond once the final payment is received. However, this type of waiver is contingent upon the actual receipt of the final payment. 3. Unconditional Waiver: An unconditional waiver is used when the corporation or LLC has received the final payment in full and willingly waives any further claim against the payment bond for that specific project. Unlike the conditional waiver, this type of waiver does not have any condition or contingent requirement for the final payment to be received. It is important for corporations or LCS to carefully review and understand the terms and conditions of the waiver before signing, as it legally binds them to waive their right for further payment claims against the payment bond. Consulting with legal professionals experienced in construction law can ensure that the waiver is properly completed and protects the interests of the corporation or LLC.

A Palm Beach Florida Waiver of Right to Claim Against the Payment Bond (Final Payment) is a legal document used by corporations or limited liability companies (LCS) involved in construction projects to waive their right to make a claim against the payment bond for final payment. This waiver essentially states that the corporation or LLC acknowledges receipt of final payment and agrees not to pursue any further claims against the payment bond. There are several types of Palm Beach Florida Waiver of Right to Claim Against the Payment Bond (Final Payment) for corporations or LCS, including: 1. Partial Waiver: This type of waiver is used when the corporation or LLC has received a partial payment towards the final amount owed. By signing this waiver, the corporation or LLC waives its right to claim any additional payment against the payment bond for the specific partial amount received. 2. Conditional Waiver: A conditional waiver is used when the corporation or LLC has not yet received the final payment but is willing to waive its right to make a claim against the payment bond once the final payment is received. However, this type of waiver is contingent upon the actual receipt of the final payment. 3. Unconditional Waiver: An unconditional waiver is used when the corporation or LLC has received the final payment in full and willingly waives any further claim against the payment bond for that specific project. Unlike the conditional waiver, this type of waiver does not have any condition or contingent requirement for the final payment to be received. It is important for corporations or LCS to carefully review and understand the terms and conditions of the waiver before signing, as it legally binds them to waive their right for further payment claims against the payment bond. Consulting with legal professionals experienced in construction law can ensure that the waiver is properly completed and protects the interests of the corporation or LLC.