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 Kansas Non-Waiver Agreement between Contractor and Owner Regarding Accepting Late Payments is a legally binding document that outlines the terms and conditions under which a contractor agrees to accept late payments from the owner of a construction project in the state of Kansas. This agreement is crucial in ensuring that both parties are protected and their rights and responsibilities are clearly defined in case of late payments. The agreement typically contains the following key elements: 1. Parties involved: Clearly identifies the contractor and the owner, including their legal names and contact information. 2. Project details: Describes the construction project for which the contractor is providing services, including its location and a brief overview of the scope of work. 3. Payment terms: Outlines the agreed-upon payment terms, including the amount due, the due date, and the accepted methods of payment. 4. Late payment clause: Clearly states that the contractor agrees to accept late payments from the owner without waiving their right to enforce payment in a timely manner. 5. Fee for late payment: Specifies any late fees or interest charges that may be applied if the owner fails to make timely payments. These fees help compensate the contractor for the additional administrative and financial burden caused by late payments. 6. Suspension of work clause: Includes a provision that allows the contractor to suspend work on the project if the owner fails to make payment within a certain period of time. This clause is intended to protect the contractor's interests and ensure timely payment. Different types of Kansas Non-Waiver Agreements may exist based on the specific circumstances and preferences of the contracting parties. For instance, some agreements may have more detailed provisions regarding payment schedules, interest rates, or the process for resolving payment disputes. It is crucial for both the contractor and owner to carefully review and understand the terms of the Non-Waiver Agreement before signing. Consulting with legal professionals experienced in construction law can be beneficial in ensuring that the agreement adequately protects the interests of both parties and comply with the relevant laws and regulations in Kansas.A Kansas Non-Waiver Agreement between Contractor and Owner Regarding Accepting Late Payments is a legally binding document that outlines the terms and conditions under which a contractor agrees to accept late payments from the owner of a construction project in the state of Kansas. This agreement is crucial in ensuring that both parties are protected and their rights and responsibilities are clearly defined in case of late payments. The agreement typically contains the following key elements: 1. Parties involved: Clearly identifies the contractor and the owner, including their legal names and contact information. 2. Project details: Describes the construction project for which the contractor is providing services, including its location and a brief overview of the scope of work. 3. Payment terms: Outlines the agreed-upon payment terms, including the amount due, the due date, and the accepted methods of payment. 4. Late payment clause: Clearly states that the contractor agrees to accept late payments from the owner without waiving their right to enforce payment in a timely manner. 5. Fee for late payment: Specifies any late fees or interest charges that may be applied if the owner fails to make timely payments. These fees help compensate the contractor for the additional administrative and financial burden caused by late payments. 6. Suspension of work clause: Includes a provision that allows the contractor to suspend work on the project if the owner fails to make payment within a certain period of time. This clause is intended to protect the contractor's interests and ensure timely payment. Different types of Kansas Non-Waiver Agreements may exist based on the specific circumstances and preferences of the contracting parties. For instance, some agreements may have more detailed provisions regarding payment schedules, interest rates, or the process for resolving payment disputes. It is crucial for both the contractor and owner to carefully review and understand the terms of the Non-Waiver Agreement before signing. Consulting with legal professionals experienced in construction law can be beneficial in ensuring that the agreement adequately protects the interests of both parties and comply with the relevant laws and regulations in Kansas.
