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 Guam Non-Waiver Agreement between a contractor and an owner regarding accepting late payments is a legally binding contract that outlines the terms and conditions for accepting late payments from the owner. This agreement is specifically designed for situations that may arise during construction projects in Guam, where late payments may occur due to various reasons. The purpose of this agreement is to establish a clear understanding between both parties on how late payments will be handled and to prevent any misunderstandings or disputes in the future. By signing this agreement, the contractor agrees to accept late payments from the owner under certain conditions, and the owner acknowledges the potential consequences and responsibilities associated with late payments. Keywords: Guam, Non-Waiver Agreement, contractor, owner, late payments, construction projects, clear understanding, misunderstandings, disputes, responsibilities, consequences. Different types of Guam Non-Waiver Agreements between contractors and owners regarding accepting late payments may include: 1. Standard Guam Non-Waiver Agreement: This type of agreement sets out the basic terms and conditions related to accepting late payments, such as the timeline for payment, penalties or interest charges for late payments, and any specific provisions or clauses related to Guam construction regulations. 2. Flexible Payment Schedule Agreement: In this type of agreement, the contractor and owner may agree to establish a flexible payment schedule to accommodate unexpected delays or financial constraints. This agreement may outline specific conditions or arrangements for accepting late payments and the rescheduling of payment due dates. 3. Performance-Based Acceptance Agreement: This agreement may be tailored to contractors who offer performance-based payment options. It outlines the conditions under which the contractor agrees to accept late payments from the owner based on predefined performance milestones or deliverables. 4. Payment Plan Agreement: This type of agreement may be suitable for situations where the owner may be experiencing financial difficulties or cash flow issues. It specifies a structured payment plan, including the timeline and installment amounts, for accepting late payments while ensuring that the contractor's work is not disrupted. 5. Conditional Waiver Agreement: This agreement is a variation wherein the contractor agrees to waive specific rights or claims related to late payments under certain conditions. The owner acknowledges this waiver and agrees to meet the specified conditions to ensure timely payment to the contractor. Keywords: Standard Guam Non-Waiver Agreement, flexible payment schedule, performance-based acceptance, payment plan, conditional waiver.A Guam Non-Waiver Agreement between a contractor and an owner regarding accepting late payments is a legally binding contract that outlines the terms and conditions for accepting late payments from the owner. This agreement is specifically designed for situations that may arise during construction projects in Guam, where late payments may occur due to various reasons. The purpose of this agreement is to establish a clear understanding between both parties on how late payments will be handled and to prevent any misunderstandings or disputes in the future. By signing this agreement, the contractor agrees to accept late payments from the owner under certain conditions, and the owner acknowledges the potential consequences and responsibilities associated with late payments. Keywords: Guam, Non-Waiver Agreement, contractor, owner, late payments, construction projects, clear understanding, misunderstandings, disputes, responsibilities, consequences. Different types of Guam Non-Waiver Agreements between contractors and owners regarding accepting late payments may include: 1. Standard Guam Non-Waiver Agreement: This type of agreement sets out the basic terms and conditions related to accepting late payments, such as the timeline for payment, penalties or interest charges for late payments, and any specific provisions or clauses related to Guam construction regulations. 2. Flexible Payment Schedule Agreement: In this type of agreement, the contractor and owner may agree to establish a flexible payment schedule to accommodate unexpected delays or financial constraints. This agreement may outline specific conditions or arrangements for accepting late payments and the rescheduling of payment due dates. 3. Performance-Based Acceptance Agreement: This agreement may be tailored to contractors who offer performance-based payment options. It outlines the conditions under which the contractor agrees to accept late payments from the owner based on predefined performance milestones or deliverables. 4. Payment Plan Agreement: This type of agreement may be suitable for situations where the owner may be experiencing financial difficulties or cash flow issues. It specifies a structured payment plan, including the timeline and installment amounts, for accepting late payments while ensuring that the contractor's work is not disrupted. 5. Conditional Waiver Agreement: This agreement is a variation wherein the contractor agrees to waive specific rights or claims related to late payments under certain conditions. The owner acknowledges this waiver and agrees to meet the specified conditions to ensure timely payment to the contractor. Keywords: Standard Guam Non-Waiver Agreement, flexible payment schedule, performance-based acceptance, payment plan, conditional waiver.
