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.
Connecticut Non-Waiver Agreement between Contractor and Owner Regarding Accepting Late Payments is a legal contract that outlines the terms and conditions between the contractor and owner when it comes to accepting late payments for services rendered. This agreement ensures that both parties are aware of their rights and obligations in such situations. The Connecticut Non-Waiver Agreement between Contractor and Owner Regarding Accepting Late Payments is essential for maintaining a good business relationship and preventing disputes. It provides clarity and protection for both parties involved. Here are a few different types of this agreement: 1. Lump-Sum Non-Waiver Agreement: This type of agreement specifies that the contractor agrees to accept late payments for a specific project or service at a predetermined lump-sum amount. The owner acknowledges their late payment responsibility but agrees to pay the specified amount despite any delays. 2. Installment Non-Waiver Agreement: In this type of agreement, the contractor and owner agree to break down the payment into installments. The agreement states that the contractor will accept late payments for each installment but within a specified timeframe. The owner understands their responsibility to make timely payments to avoid any penalties or breaches of contract. 3. Partial Non-Waiver Agreement: This type of agreement is used when an owner is unable to pay the full amount owed within the agreed-upon timeframe. The contractor agrees to accept a partial payment, with the understanding that the remaining balance will be paid promptly. The agreement ensures that the contractor doesn't waive their rights to collect the full amount owed. Regardless of the specific type of Connecticut Non-Waiver Agreement, some relevant keywords to consider while drafting or discussing this agreement may include: — Late paymenacceptancenc— - Contractor and owner obligations — Late paymenresponsibilityit— - Lump-sum payment — Installment paymen— - Partial payment - Timely payments — Paymenscheduleul— - Penalties for late payments — Rights anremediesie— - Waiver of rights — Dispute resolutio— - Breach of contract It's important to note that the specific terms and conditions of each agreement may vary depending on the unique circumstances of the project and the preferences of both the contractor and owner. Thus, consulting with a legal professional experienced in Connecticut construction law is recommended to ensure the agreement accurately reflects the intentions and protects the interests of both parties involved.
