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 Vermont Non-Waiver Agreement between Contractor and Owner Regarding Accepting Late Payments is a legally binding document that outlines the terms and conditions agreed upon by both parties involved in a construction project. This agreement sets out the expectations and responsibilities of the contractor and owner in relation to late payments. The purpose of this agreement is to protect the interests of both the contractor and owner in the event of delayed or late payments. It aims to ensure that the contractor receives their rightful compensation for the work performed while providing the owner with a degree of flexibility. In Vermont, there might be different types of Non-Waiver Agreements between the contractor and owner regarding accepting late payments, tailored to specific construction projects: 1. Standard Vermont Non-Waiver Agreement: A comprehensive agreement that covers general provisions related to accepting late payments. This type of agreement is commonly used for various construction projects in Vermont. 2. Vermont Non-Waiver Agreement for Residential Construction: This type of agreement addresses specific considerations and regulations related to late payments in residential construction projects, such as single-family homes, townhouses, or apartment complexes. 3. Vermont Non-Waiver Agreement for Commercial Construction: Tailored for commercial construction projects, this agreement encompasses industry-specific terms and conditions regarding late payments, considering the unique nature and complexities of commercial developments. 4. Vermont Non-Waiver Agreement for Public Construction: Public construction projects may have distinct requirements due to governmental regulations and funding sources. This type of agreement ensures compliance with public procurement laws and includes provisions specifically designed for projects funded by state or federal entities. Key elements typically addressed in a Vermont Non-Waiver Agreement include the following keywords: — Late Payment Terms: Clearly stating the repercussions and consequences of late payments, such as interest charges, penalties, or suspension of work. — Payment Schedule: Outlining the agreed-upon payment schedule, including due dates and any milestone or progress-based payments. — Notice Requirements: Specifying the notification process that must be followed by the contractor and owner when dealing with late payments, such as written notices and specific time frames for communication. — Rights and Remedies: Detailing the rights and remedies available to the contractor in case of non-payment or late payment, including the contractor's ability to suspend work or terminate the agreement. — Dispute Resolution: Outlining the procedures for resolving payment-related disputes, including mediation, arbitration, or litigation. — Waiver Clause: Clarifying that the acceptance of late payments in certain instances does not constitute a waiver of the contractor's right to enforce timely payments in the future. — Governing Law: Identifying the jurisdiction and governing law under which the agreement will be interpreted and enforced, often Vermont state law. It is crucial for both the contractor and owner to thoroughly review and understand the terms of the Vermont Non-Waiver Agreement before signing it, as it serves as an essential contractual safeguard for both parties.
