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 non-waiver agreement regarding accepting late payments is a legal document that outlines the conditions under which a contractor in New Mexico agrees to accept late payments from the owner. This agreement is important to protect the rights and interests of both parties involved in a construction project. It ensures that the contractor has a binding agreement with the owner regarding late payments and prevents any potential misunderstandings or disputes in the future. There are several types of non-waiver agreements when it comes to accepting late payments in New Mexico, including: 1. General Non-Waiver Agreement: This type of agreement covers all aspects related to accepting late payments by the contractor. It typically includes clauses related to specific payment terms, interest charges, late fees, and the consequences of non-compliance. 2. Partial Non-Waiver Agreement: In some cases, the contractor and owner may agree to waive late fees or penalties for a specified period during the construction project while maintaining the obligation to make payments in a timely manner. This type of agreement is often reached when there are extenuating circumstances or challenges that prevent the owner from meeting the payment deadlines. 3. Amendment to Non-Waiver Agreement: As the construction project progresses, the original non-waiver agreement may need to be amended to reflect changes in payment schedules or the addition of new terms. This amendment ensures that both parties are in agreement regarding any modifications and helps prevent any disputes related to late payments. 4. Multi-Project Non-Waiver Agreement: In cases where multiple projects are contracted between the same contractor and owner, a multi-project non-waiver agreement may be established. This agreement outlines the conditions for accepting late payments across all projects and helps streamline the payment process for both parties involved. In any type of New Mexico non-waiver agreement between a contractor and owner regarding accepting late payments, it is essential to include relevant keywords such as payment terms, interest charges, late fees, compliance, obligations, waivers, amendments, and project-specific details. These keywords ensure that the legal document accurately reflects the intentions and expectations of both parties, ultimately protecting their interests and maintaining a smooth construction process.A non-waiver agreement regarding accepting late payments is a legal document that outlines the conditions under which a contractor in New Mexico agrees to accept late payments from the owner. This agreement is important to protect the rights and interests of both parties involved in a construction project. It ensures that the contractor has a binding agreement with the owner regarding late payments and prevents any potential misunderstandings or disputes in the future. There are several types of non-waiver agreements when it comes to accepting late payments in New Mexico, including: 1. General Non-Waiver Agreement: This type of agreement covers all aspects related to accepting late payments by the contractor. It typically includes clauses related to specific payment terms, interest charges, late fees, and the consequences of non-compliance. 2. Partial Non-Waiver Agreement: In some cases, the contractor and owner may agree to waive late fees or penalties for a specified period during the construction project while maintaining the obligation to make payments in a timely manner. This type of agreement is often reached when there are extenuating circumstances or challenges that prevent the owner from meeting the payment deadlines. 3. Amendment to Non-Waiver Agreement: As the construction project progresses, the original non-waiver agreement may need to be amended to reflect changes in payment schedules or the addition of new terms. This amendment ensures that both parties are in agreement regarding any modifications and helps prevent any disputes related to late payments. 4. Multi-Project Non-Waiver Agreement: In cases where multiple projects are contracted between the same contractor and owner, a multi-project non-waiver agreement may be established. This agreement outlines the conditions for accepting late payments across all projects and helps streamline the payment process for both parties involved. In any type of New Mexico non-waiver agreement between a contractor and owner regarding accepting late payments, it is essential to include relevant keywords such as payment terms, interest charges, late fees, compliance, obligations, waivers, amendments, and project-specific details. These keywords ensure that the legal document accurately reflects the intentions and expectations of both parties, ultimately protecting their interests and maintaining a smooth construction process.
