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.
A Colorado Non-Waiver Agreement between a contractor and owner is a legally binding document that outlines the terms and conditions under which the contractor agrees to accept late payments from the owner. This agreement is utilized when either party anticipates that payments for services or goods rendered may be delayed. By signing this agreement, both the contractor and owner acknowledge that any late payments received do not waive the contractor's rights to collect the full amount owed. There are a few different types of Colorado Non-Waiver Agreements between a contractor and owner regarding accepting late payments based on specific scenarios: 1. Standard Colorado Non-Waiver Agreement: This is the general agreement used when the contractor and owner agree to a predetermined timeline for payment but foresee potential delays. It typically states that late payments will not release the owner from their financial responsibilities and the contractor retains the right to seek full payment. 2. Conditional Colorado Non-Waiver Agreement: In some cases, an owner may request special conditions or terms to be met before the contractor agrees to accept late payments. This could include providing additional collateral, securing a guarantor, or providing a valid reason for payment delay. 3. Partial Colorado Non-Waiver Agreement: When the owner acknowledges their inability to submit the full payment owed, a partial non-waiver agreement can be established. This agreement outlines the agreed-upon partial payment schedule and clarifies that acceptance of partial payment does not waive the contractor's rights to collect the remaining outstanding balance. 4. Colorado Non-Waiver Agreement with Penalty Clause: In cases where there has been a consistent history of late payments or other violations, a penalty clause may be included in the agreement. This clause outlines specific penalties or consequences that the owner will incur for late payment, such as accruing interest, additional fees, or even contract termination. The Colorado Non-Waiver Agreement ensures that both parties understand the financial obligations involved and that accepting late payments does not nullify the contractor's rights. It provides legal protection and establishes clear expectations between the contractor and owner in regard to payment terms and potential delays.A Colorado Non-Waiver Agreement between a contractor and owner is a legally binding document that outlines the terms and conditions under which the contractor agrees to accept late payments from the owner. This agreement is utilized when either party anticipates that payments for services or goods rendered may be delayed. By signing this agreement, both the contractor and owner acknowledge that any late payments received do not waive the contractor's rights to collect the full amount owed. There are a few different types of Colorado Non-Waiver Agreements between a contractor and owner regarding accepting late payments based on specific scenarios: 1. Standard Colorado Non-Waiver Agreement: This is the general agreement used when the contractor and owner agree to a predetermined timeline for payment but foresee potential delays. It typically states that late payments will not release the owner from their financial responsibilities and the contractor retains the right to seek full payment. 2. Conditional Colorado Non-Waiver Agreement: In some cases, an owner may request special conditions or terms to be met before the contractor agrees to accept late payments. This could include providing additional collateral, securing a guarantor, or providing a valid reason for payment delay. 3. Partial Colorado Non-Waiver Agreement: When the owner acknowledges their inability to submit the full payment owed, a partial non-waiver agreement can be established. This agreement outlines the agreed-upon partial payment schedule and clarifies that acceptance of partial payment does not waive the contractor's rights to collect the remaining outstanding balance. 4. Colorado Non-Waiver Agreement with Penalty Clause: In cases where there has been a consistent history of late payments or other violations, a penalty clause may be included in the agreement. This clause outlines specific penalties or consequences that the owner will incur for late payment, such as accruing interest, additional fees, or even contract termination. The Colorado Non-Waiver Agreement ensures that both parties understand the financial obligations involved and that accepting late payments does not nullify the contractor's rights. It provides legal protection and establishes clear expectations between the contractor and owner in regard to payment terms and potential delays.
