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.
Idaho Non-Waiver Agreement between Contractor and Owner Regarding Accepting Late Payments Keywords: Idaho, non-waiver agreement, contractor, owner, late payments Description: An Idaho Non-Waiver Agreement between Contractor and Owner Regarding Accepting Late Payments is a legally binding document that establishes the conditions under which a contractor agrees to accept late payments from an owner. This agreement is particularly relevant in situations where a contractor has provided services or completed work for an owner, and the owner is unable to make timely payments. The purpose of this agreement is to outline the terms and conditions in which the contractor will accept late payments without waiving their rights to pursue legal action or claim additional compensation. It ensures that the contractor's work and services are compensated appropriately and in a timely manner, even if payment delays occur. The agreement sets specific provisions for late payments, including acceptable reasons for delays, consequences for repeated late payments, and any applicable late payment fees. It may include provisions such as notification requirements, grace periods, and interest charges on outstanding balances. Different Types of Idaho Non-Waiver Agreement between Contractor and Owner Regarding Accepting Late Payments: 1. General Non-Waiver Agreement: This type of agreement establishes the general terms and conditions for accepting late payments. It addresses the contractor's rights and remedies, as well as the owner's responsibilities and potential consequences. 2. Specific Project Non-Waiver Agreement: This agreement is tailored to a specific project, outlining the payment terms and conditions specific to that project. It may include project-specific deadlines, milestones, and payment schedules. 3. Recurring Non-Waiver Agreement: In cases where a contractor provides ongoing services or works on multiple projects for the same owner, a recurring non-waiver agreement may be used. This agreement establishes the framework for accepting late payments across multiple projects, ensuring consistency in payment terms. 4. Conditional Non-Waiver Agreement: This type of agreement is used when specific conditions need to be met for the contractor to accept late payments. For example, the agreement may require the owner to provide a future security deposit or collateral to cover outstanding balances. 5. Partial Non-Waiver Agreement: In cases where the owner can only make partial payments on time, a partial non-waiver agreement may be used. This agreement outlines the conditions under which partial payments are accepted and specifies any penalties or consequences for late payment balances. It is important for both contractors and owners to carefully review, understand, and negotiate the terms of an Idaho Non-Waiver Agreement. Seeking legal advice during the drafting or modification of such an agreement is highly recommended ensuring compliance with local laws and regulations.
