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 Iowa Non-Waiver Agreement between Contractor and Owner Regarding Accepting Late Payments is a legally binding document that outlines the terms and conditions for accepting late payments on a construction project in the state of Iowa. This agreement ensures that both the contractor and owner are aware of their rights and obligations when it comes to delayed payment situations. Key Elements of the Iowa Non-Waiver Agreement: 1. Identification of the Parties: The agreement clearly states the names and contact information of the contractor and owner involved in the project. This helps avoid any confusion regarding the individuals or entities responsible for fulfilling the terms of the agreement. 2. Construction Project Details: The agreement provides a comprehensive description of the construction project, including its location, scope, and timeline. This information helps establish the context for late payment situations and enables a smooth resolution. 3. Late Payment Provisions: The agreement specifies the conditions under which late payments may be accepted by the contractor. It outlines any applicable penalties, interest rates, or fees that may be imposed on the owner for delayed payments. 4. Waiver of Rights: This section clarifies that accepting a late payment does not constitute a waiver of the contractor's right to collect future payments on time. It emphasizes that any acceptance of late payments does not affect the contractor's ability to enforce the terms of the agreement. Different Types of Iowa Non-Waiver Agreements: 1. Lump-Sum Contract Non-Waiver Agreement: This agreement applies to projects with a fixed total cost. It defines the terms of accepting late payments in a lump-sum payment structure, where the owner pays the entire contract amount upon completion. 2. Cost-Plus Contract Non-Waiver Agreement: This agreement is designed for projects where the owner agrees to pay the actual cost of construction plus a specified percentage or fee for the contractor's services. It outlines the conditions for accepting late payments based on the cost-plus structure. 3. Unit-Price Contract Non-Waiver Agreement: This agreement is relevant for projects where prices are based on specific units of work, such as square footage or linear feet. It addresses late payment scenarios in relation to the unit-based pricing scheme. In conclusion, the Iowa Non-Waiver Agreement between Contractor and Owner Regarding Accepting Late Payments is a crucial legal document that safeguards the interests of both parties involved in a construction project. By clearly outlining the terms and conditions for late payments, it ensures transparency and facilitates a smooth resolution in cases of delayed payments.
