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 Texas 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. This agreement acts as a protection mechanism for both parties involved, ensuring that any accepted late payments do not serve as a precedent for future late payments without consequences. The agreement addresses various aspects such as the circumstances under which the contractor will consider accepting late payments, the procedures for communicating and documenting late payments, and any additional fees or penalties that may be incurred. By having such an agreement in place, both the contractor and owner can maintain a clear understanding of their responsibilities and the consequences of late payments. There can be different types of Texas Non-Waiver Agreements between Contractor and Owner Regarding Accepting Late Payments, including: 1. General Texas Non-Waiver Agreement: This type of agreement outlines the general terms and conditions for accepting late payments. It includes clauses that detail the acceptable reasons for late payments, the notification process, and any applicable fees. 2. Conditional Texas Non-Waiver Agreement: This agreement is specific to certain conditions under which late payments may be accepted. For example, it could specify that late payments will be accepted only if the owner provides a valid reason and pays an additional late payment fee. 3. Partial Texas Non-Waiver Agreement: This agreement addresses the acceptance of partial late payments. It outlines the terms under which the contractor agrees to accept partial payments and any consequences for future late payments. 4. Time-Limited Texas Non-Waiver Agreement: This type of agreement sets a specific time period during which the contractor agrees to accept late payments. After the specified time, the contractor can revert to the original payment terms and apply penalties for late payments. In conclusion, a Texas Non-Waiver Agreement between Contractor and Owner Regarding Accepting Late Payments is a vital tool for maintaining clarity and protection in payment processes. By having such an agreement in place, both parties involved can establish clear expectations and consequences related to late payments. Different types of agreements exist to accommodate various circumstances and ensure fair practices.
