Burbank California Conditional Waiver and Release Upon Progress Payment

• Category: California Liens - Construction - Mechanics
• State: California
• City: Burbank
• Control #: CA-LIEN-3
• Format: Word; Rich Text

Description

Conditional Waiver and Release Upon Progress Payment: This is a notice to an owner by the contractor detailing that he/ she has the right to place a lien on a particular piece of property. This lien would be placed on the property if said owner does not comply with all payment arrangements.

Burbank California Conditional Waiver and Release Upon Progress Payment is a legal document commonly used in construction projects in the Burbank, California area. It serves as a written agreement between parties involved in the project, ensuring that subcontractors or suppliers receive timely payments for their work or materials. A Conditional Waiver and Release Upon Progress Payment is typically used when the contractor or property owner wants to make partial payments to the subcontractor before the project is fully completed. By signing this document, the subcontractor acknowledges that they have received a specific amount of payment for the work completed so far, and they waive their right to claim a lien on the property for that specific payment. This type of waiver and release is considered "conditional" because it only covers the payment received up to a certain point in the project's progress. It does not waive any rights to future payments or potential claims to the remaining amount owed on the project. Subcontractors can use this document to protect their right to receive progress payments while still maintaining legal recourse for any unpaid amounts. In Burbank, California, there may be variations or specific types of Conditional Waiver and Release Upon Progress Payment forms depending on certain situations or project types. Some examples of such variations might include: 1. Conditional Waiver and Release Upon Progress Payment — General: This is the standard version of the waiver, applicable to most construction projects in Burbank. It covers progress payments made at regular intervals during the project. 2. Conditional Waiver and Release Upon Progress Payment — Final: This waiver is used when the project is nearing completion, and the subcontractor is receiving the final payment. It ensures that the subcontractor acknowledges receiving the final payment and waives any future claims or liens related to the project. 3. Conditional Waiver and Release Upon Progress Payment — Subgrade Only: This variation is specific to projects where only the subgrade work is completed. It allows for progress payments related to subgrade work without waiving any future claims or liens for work on the rest of the project. It is crucial for subcontractors and suppliers to carefully read and understand the specific language used in each Conditional Waiver and Release Upon Progress Payment document they encounter before signing it. If unsure about any terms or conditions, legal advice should be sought to protect their rights and financial interests.

Law summary