This Unconditional Waiver and Release of Lien Upon Progress Payment form is for use by a lienor, in consideration of a certain sum of money to waive and release his or her lien and right to claim a lien for labor, services or materials furnished through a specific date to a customer on the job of an owner of property.
The Kings New York Unconditional Waiver and Release of Lien Upon Progress Payment is a legal document commonly used in construction projects to waive lien rights in exchange for progress payments. This waiver is designed to ensure that subcontractors and suppliers are paid fairly and promptly for their work and materials. Keywords: Kings New York, unconditional waiver, release of lien, progress payment, construction projects, lien rights, subcontractors, suppliers, paid fairly, promptly, work, materials. There are two types of Kings New York Unconditional Waiver and Release of Lien Upon Progress Payment: 1. Partial Unconditional Waiver and Release of Lien Upon Progress Payment: This waiver is used when a progress payment is made during the construction project, but the entire amount owed has not been paid yet. By signing this waiver, subcontractors and suppliers give up their lien rights for the specific amount stated in the progress payment while retaining lien rights for the remaining amount. 2. Final Unconditional Waiver and Release of Lien Upon Progress Payment: This waiver is used when the final payment is issued, indicating the completion of the project. By signing this waiver, subcontractors and suppliers waive their lien rights entirely upon receiving the final payment, ensuring that all outstanding payments have been settled. Both types of waivers are legally binding contracts that need to be carefully reviewed and understood before signing. It is essential for subcontractors and suppliers to consult with legal professionals to ensure their rights and obligations are protected when dealing with progress payments and lien releases in construction projects. Keywords: partial unconditional waiver, final unconditional waiver, progress payment, completion of the project, legally binding, subcontractors, suppliers, progress payments, lien releases, construction projects, outstanding payments, legal professionals, rights, obligations.The Kings New York Unconditional Waiver and Release of Lien Upon Progress Payment is a legal document commonly used in construction projects to waive lien rights in exchange for progress payments. This waiver is designed to ensure that subcontractors and suppliers are paid fairly and promptly for their work and materials. Keywords: Kings New York, unconditional waiver, release of lien, progress payment, construction projects, lien rights, subcontractors, suppliers, paid fairly, promptly, work, materials. There are two types of Kings New York Unconditional Waiver and Release of Lien Upon Progress Payment: 1. Partial Unconditional Waiver and Release of Lien Upon Progress Payment: This waiver is used when a progress payment is made during the construction project, but the entire amount owed has not been paid yet. By signing this waiver, subcontractors and suppliers give up their lien rights for the specific amount stated in the progress payment while retaining lien rights for the remaining amount. 2. Final Unconditional Waiver and Release of Lien Upon Progress Payment: This waiver is used when the final payment is issued, indicating the completion of the project. By signing this waiver, subcontractors and suppliers waive their lien rights entirely upon receiving the final payment, ensuring that all outstanding payments have been settled. Both types of waivers are legally binding contracts that need to be carefully reviewed and understood before signing. It is essential for subcontractors and suppliers to consult with legal professionals to ensure their rights and obligations are protected when dealing with progress payments and lien releases in construction projects. Keywords: partial unconditional waiver, final unconditional waiver, progress payment, completion of the project, legally binding, subcontractors, suppliers, progress payments, lien releases, construction projects, outstanding payments, legal professionals, rights, obligations.
