This form is a sample agreement between the owner of property and the contractor agreeing that acceptance by contractor of late payments as described in the agreement do not constitute a waiver of the right to receive timely payments pursuant to the agreement in the future.
The Kings New York Non-Waiver Agreement between Contractor and Owner Regarding Accepting Late Payments is a legal document that outlines the terms and conditions for accepting late payments for services provided by the contractor to the owner. This agreement is crucial to avoid any misunderstandings or disputes regarding late payment penalties. The following keywords help understand the agreement better: 1. Kings New York: This refers to the location where the agreement is applicable, indicating that it abides by the laws and regulations in the state of New York. 2. Non-Waiver Agreement: This is an agreement that specifies that the contractor does not waive their right to enforce the terms of the original contract, even if they accept late payments from the owner. 3. Contractor: The party responsible for providing services to the owner, usually a construction or service company. 4. Owner: The party who hires the contractor and is obligated to make payments for the services rendered. 5. Late Payments: Payments that are not made by the owner within the agreed-upon timeframe specified in the original contract. Types of Kings New York Non-Waiver Agreement between Contractor and Owner Regarding Accepting Late Payments: 1. Fixed Late Payment Agreement: This type of agreement sets a specific penalty or interest rate for each day the payment is delayed beyond the due date specified in the contract. 2. Negotiated Late Payment Agreement: In some cases, the contractor and owner may negotiate the terms of accepting late payments, such as reducing or waiving the penalty fees in exchange for alternative forms of compensation. 3. Partial Payment Agreement: This agreement allows the owner to make partial payments instead of the full amount owed within the specified timeframe, with specific terms and conditions agreed upon by both parties. 4. Payment Plan Agreement: In certain situations, the contractor and owner may agree to a structured payment plan that allows the owner to make installment payments over an extended period, with agreed-upon deadlines. 5. Escrow Agreement: This type of agreement involves the creation of an escrow account for the purpose of holding funds until specific conditions are met, ensuring that the contractor receives payment upon the fulfillment of those conditions. In summary, the Kings New York Non-Waiver Agreement between Contractor and Owner Regarding Accepting Late Payments is a legal document that establishes the terms and conditions for accepting delayed payments. By understanding the various types of agreements and the relevant keywords, contractors and owners can ensure a clear understanding of their responsibilities and avoid any potential disputes.The Kings New York Non-Waiver Agreement between Contractor and Owner Regarding Accepting Late Payments is a legal document that outlines the terms and conditions for accepting late payments for services provided by the contractor to the owner. This agreement is crucial to avoid any misunderstandings or disputes regarding late payment penalties. The following keywords help understand the agreement better: 1. Kings New York: This refers to the location where the agreement is applicable, indicating that it abides by the laws and regulations in the state of New York. 2. Non-Waiver Agreement: This is an agreement that specifies that the contractor does not waive their right to enforce the terms of the original contract, even if they accept late payments from the owner. 3. Contractor: The party responsible for providing services to the owner, usually a construction or service company. 4. Owner: The party who hires the contractor and is obligated to make payments for the services rendered. 5. Late Payments: Payments that are not made by the owner within the agreed-upon timeframe specified in the original contract. Types of Kings New York Non-Waiver Agreement between Contractor and Owner Regarding Accepting Late Payments: 1. Fixed Late Payment Agreement: This type of agreement sets a specific penalty or interest rate for each day the payment is delayed beyond the due date specified in the contract. 2. Negotiated Late Payment Agreement: In some cases, the contractor and owner may negotiate the terms of accepting late payments, such as reducing or waiving the penalty fees in exchange for alternative forms of compensation. 3. Partial Payment Agreement: This agreement allows the owner to make partial payments instead of the full amount owed within the specified timeframe, with specific terms and conditions agreed upon by both parties. 4. Payment Plan Agreement: In certain situations, the contractor and owner may agree to a structured payment plan that allows the owner to make installment payments over an extended period, with agreed-upon deadlines. 5. Escrow Agreement: This type of agreement involves the creation of an escrow account for the purpose of holding funds until specific conditions are met, ensuring that the contractor receives payment upon the fulfillment of those conditions. In summary, the Kings New York Non-Waiver Agreement between Contractor and Owner Regarding Accepting Late Payments is a legal document that establishes the terms and conditions for accepting delayed payments. By understanding the various types of agreements and the relevant keywords, contractors and owners can ensure a clear understanding of their responsibilities and avoid any potential disputes.
Para su conveniencia, debajo del texto en español le brindamos la versión completa de este formulario en inglés. For your convenience, the complete English version of this form is attached below the Spanish version.
