New York Waiver of Lien

• Category: Construction - Liens
• State: Multi-State
• Control #: US-00669
• Format: Word; Rich Text

Description

This form is a Waiver and Release of a Lien by a Contractor. A contractor waives and releases its lien and right to claim a lien for labor, services, or materials on a construction project described in the document. The New York Waiver of Lien refers to a legal document that releases a party's right to place a lien on a property in New York. It is a crucial instrument used in construction and real estate transactions to protect the property owner from potential claims by contractors, suppliers, or subcontractors seeking payment for services rendered or materials provided. By signing the waiver, these parties waive their right to place a lien on the property for the agreed-upon work or supplies. There are different types of New York Waivers of Lien, including: 1. Conditional Waiver and Release Upon Progress Payment: This type of waiver is used when a contractor or subcontractor receives a partial payment for work completed or materials provided. It states that upon receiving the specified payment, the contractor or subcontractor waives their right to file a lien against the property for the amount paid. 2. Unconditional Waiver and Release Upon Progress Payment: Similar to the conditional waiver, this type of waiver is used when a contractor or subcontractor receives a partial payment but does not have any further payment pending. It immediately releases their right to file a lien upon receipt of the payment. 3. Conditional Waiver and Release Upon Final Payment: This waiver is executed when a contractor or subcontractor receives the final payment for the project. By signing this document, they relinquish their right to file a lien against the property once the final payment is made. 4. Unconditional Waiver and Release Upon Final Payment: This type of waiver is similar to the conditional waiver but releases the right to a lien immediately upon receiving the final payment, without any further payment due. The New York Waiver of Lien ensures transparency in construction projects and protects property owners by providing clear documentation that all parties involved have been paid for their services or materials. It facilitates smoother transactions while minimizing the risk of potential legal disputes over liens on the property.

The New York Waiver of Lien refers to a legal document that releases a party's right to place a lien on a property in New York. It is a crucial instrument used in construction and real estate transactions to protect the property owner from potential claims by contractors, suppliers, or subcontractors seeking payment for services rendered or materials provided. By signing the waiver, these parties waive their right to place a lien on the property for the agreed-upon work or supplies. There are different types of New York Waivers of Lien, including: 1. Conditional Waiver and Release Upon Progress Payment: This type of waiver is used when a contractor or subcontractor receives a partial payment for work completed or materials provided. It states that upon receiving the specified payment, the contractor or subcontractor waives their right to file a lien against the property for the amount paid. 2. Unconditional Waiver and Release Upon Progress Payment: Similar to the conditional waiver, this type of waiver is used when a contractor or subcontractor receives a partial payment but does not have any further payment pending. It immediately releases their right to file a lien upon receipt of the payment. 3. Conditional Waiver and Release Upon Final Payment: This waiver is executed when a contractor or subcontractor receives the final payment for the project. By signing this document, they relinquish their right to file a lien against the property once the final payment is made. 4. Unconditional Waiver and Release Upon Final Payment: This type of waiver is similar to the conditional waiver but releases the right to a lien immediately upon receiving the final payment, without any further payment due. The New York Waiver of Lien ensures transparency in construction projects and protects property owners by providing clear documentation that all parties involved have been paid for their services or materials. It facilitates smoother transactions while minimizing the risk of potential legal disputes over liens on the property.