Ohio 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. An Ohio Waiver of Lien is a legal document that relinquishes the right to place a lien on a property. It is commonly used in the construction industry to waive the right to file a mechanic's lien, which is a legal claim against a property for unpaid bills related to labor or materials provided during a construction project. There are different types of Ohio Waiver of Lien depending on the stage of the construction project and the parties involved. Here are some commonly used waivers: 1. Conditional Waiver and Release upon Progress Payment: This type of waiver is used when a partial payment is made during the course of a construction project. It indicates that the subcontractor or supplier has received a payment and waives their right to file a lien for the amount of the payment received. However, if the payment turns out to be insufficient, the lien rights are not fully waived. 2. Unconditional Waiver and Release upon Progress Payment: This waiver is similar to the conditional waiver mentioned above, but it is unconditional, meaning the subcontractor or supplier fully waives their right to place a lien on the property for the amount received. Even if the payment is later found to be insufficient, the waiver remains valid. 3. Conditional Waiver and Release upon Final Payment: This type of waiver is used when the construction project is completed, and the final payment is made. It signifies that the subcontractor or supplier has received the final payment and waives their right to file a lien. However, if the final payment is insufficient, the lien rights are not fully waived. 4. Unconditional Waiver and Release upon Final Payment: Similar to the conditional waiver mentioned above, this waiver is unconditional and waives the right to file a lien upon receiving the final payment. The subcontractor or supplier fully relinquishes their lien rights, regardless of the sufficiency of the final payment. It is crucial for construction professionals in Ohio to understand the specific type of waiver they are using and ensure that the document is properly executed. Failing to use the correct waiver or neglecting to follow the necessary legal requirements can jeopardize their lien rights, potentially leading to disputes or loss of payment. Consulting with a qualified attorney is highly recommended navigating the Ohio Waiver of Lien process accurately.

An Ohio Waiver of Lien is a legal document that relinquishes the right to place a lien on a property. It is commonly used in the construction industry to waive the right to file a mechanic's lien, which is a legal claim against a property for unpaid bills related to labor or materials provided during a construction project. There are different types of Ohio Waiver of Lien depending on the stage of the construction project and the parties involved. Here are some commonly used waivers: 1. Conditional Waiver and Release upon Progress Payment: This type of waiver is used when a partial payment is made during the course of a construction project. It indicates that the subcontractor or supplier has received a payment and waives their right to file a lien for the amount of the payment received. However, if the payment turns out to be insufficient, the lien rights are not fully waived. 2. Unconditional Waiver and Release upon Progress Payment: This waiver is similar to the conditional waiver mentioned above, but it is unconditional, meaning the subcontractor or supplier fully waives their right to place a lien on the property for the amount received. Even if the payment is later found to be insufficient, the waiver remains valid. 3. Conditional Waiver and Release upon Final Payment: This type of waiver is used when the construction project is completed, and the final payment is made. It signifies that the subcontractor or supplier has received the final payment and waives their right to file a lien. However, if the final payment is insufficient, the lien rights are not fully waived. 4. Unconditional Waiver and Release upon Final Payment: Similar to the conditional waiver mentioned above, this waiver is unconditional and waives the right to file a lien upon receiving the final payment. The subcontractor or supplier fully relinquishes their lien rights, regardless of the sufficiency of the final payment. It is crucial for construction professionals in Ohio to understand the specific type of waiver they are using and ensure that the document is properly executed. Failing to use the correct waiver or neglecting to follow the necessary legal requirements can jeopardize their lien rights, potentially leading to disputes or loss of payment. Consulting with a qualified attorney is highly recommended navigating the Ohio Waiver of Lien process accurately.