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 West Virginia Non-Waiver Agreement between Contractor and Owner Regarding Accepting Late Payments is a legally binding document that outlines the terms and conditions regarding late payments between a contractor and an owner in the state of West Virginia. This agreement is designed to protect both parties involved and ensure that any late payments are properly addressed and resolved. In West Virginia, there are different types of Non-Waiver Agreements that contractors and owners can utilize to protect their interests when it comes to accepting late payments. These agreements may vary based on the specific circumstances of the project or the parties involved. Here are some key types of West Virginia Non-Waiver Agreements: 1. Standard Non-Waiver Agreement: This is a comprehensive agreement between the contractor and owner that covers the general terms and conditions for accepting late payments. It includes clauses regarding notification of late payment, any applicable penalties or fees, and the process for resolving disputes related to late payments. 2. Progress Payment Non-Waiver Agreement: This type of agreement specifically addresses late payments for progress payments in construction projects. It outlines the procedures for submitting progress invoices, the due dates for payments, and the consequences of late payments. 3. Retain age Non-Waiver Agreement: Retain age is a portion of the contract amount that is withheld by the owner until the completion of the project. This agreement focuses on late payments related to retain age and specifies the timing and procedures for releasing to retain age after the project is finished. 4. Change Order Non-Waiver Agreement: Change orders occur when there are adjustments or modifications to the original scope of work. This agreement addresses late payments specifically related to change orders, including the notification process, payment terms, and any penalties for late payments. It is essential for contractors and owners in West Virginia to carefully consider the specific type of Non-Waiver Agreement that suits their project or situation. Consulting with legal professionals who specialize in construction law is highly recommended ensuring that the agreement is tailored to meet the unique needs and requirements of the parties involved.
