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 North Carolina Non-Waiver Agreement between a contractor and an owner regarding accepting late payments is a legal document that outlines the terms and conditions under which the contractor agrees to accept delayed payments from the owner. This agreement aims to protect the contractor's rights in case of late payment and ensure that the owner acknowledges their obligations. Within North Carolina, there can be various types of Non-Waiver Agreements between contractors and owners regarding accepting late payments. These agreements may differ depending on the specific circumstances and parties involved. Some common types are: 1. Standard Non-Waiver Agreement: This agreement establishes a general framework for accepting late payments. It outlines the conditions under which the contractor agrees to extend the payment due date, the consequences of late payments, and the steps that need to be taken to rectify the situation. 2. Partial Non-Waiver Agreement: This type of agreement is utilized when the owner can only make partial payments before the agreed-upon deadline. It specifies the amount that can be paid initially and the timeline for completing the remaining payment. 3. Conditional Non-Waiver Agreement: In cases where the owner faces unforeseen circumstances that prevent them from meeting the payment deadline, this agreement comes into play. It sets conditions that must be fulfilled by the owner to receive an extension for payment, such as providing a valid reason for the delay and establishing a new payment date. 4. Incremental Non-Waiver Agreement: This agreement applies when the contractor and owner agree to split the payment into multiple installments instead of a lump sum. It details the installment amounts, due dates, and any penalties or interest that may be incurred if payments are not made as agreed. Regardless of the specific type, each North Carolina Non-Waiver Agreement between a contractor and an owner regarding accepting late payments should contain essential elements. These include the names and contact information of both parties, a clear description of the project or services rendered, the original payment terms, the revised payment terms (if any), any associated penalties or interest rates for late payments, and a clause specifying that the agreement does not waive the contractor's rights or remedies in case of future breaches. It is important to note that while this content provides an overview of North Carolina Non-Waiver Agreements between contractors and owners, seeking legal advice or utilizing professionally prepared templates is highly recommended ensuring compliance with state laws and tailored protection for both parties involved.
