This Unconditional Waiver and Release Upon Progress Payment form is for use by an individual or corporation who has been paid and has received a progress payment for labor, services, equipment or material furnished to a sub-contractor or agent on the job of the contractor or general contractor located at the customer's or owner's property, to waive and release any right to a mechanic's lien, stop notice, or any right against a labor and material bond on the job. This release covers a progress payment for labor, services, equipment, or materials furnished to the customer through a specific date only and does not cover any retentions retained before or after the release date, extras furnished before the release date for which payment has not been received or extras or items furnished after the release date. Rights based upon work performed or items furnished under a written change order which has been fully executed by the parties prior to the release date are covered by this release unless specifically reserved by the claimant in this release.
A Lakewood Colorado Unconditional Waiver and Release Upon Progress Payment is a legal document commonly used in the construction industry. It acts as a formal agreement between parties involved in a construction project, where the party receiving payment acknowledges the receipt of progress payment and releases any potential lien rights on the property. This document is crucial for contractors, subcontractors, and suppliers to ensure prompt payment for their work and materials. By signing a Lakewood Colorado Unconditional Waiver and Release Upon Progress Payment, the party waives their right to file a lien or claim against the property for the amount covered by the progress payment received. There may be different types of Lakewood Colorado Unconditional Waiver and Release Upon Progress Payment, each specified for different scenarios. These can include: 1. Conditional Waiver and Release Upon Progress Payment: — This type of waiver is only effective upon the actual receipt of payment. It provides protection to the paying party until the payment is successfully processed. 2. Unconditional Waiver and Release Upon Progress Payment: — This waiver is effective immediately upon signing, regardless of whether the payment is received. In this case, the party releasing their lien rights takes the risk of non-payment. 3. Partial Unconditional Waiver and Release Upon Progress Payment: — This waiver is used when a part of the invoice or progress payment is received. It releases lien rights for the amount received while retaining rights for the remaining balance until fully paid. 4. Full Unconditional Waiver and Release Upon Progress Payment: — This type of waiver applies when the entire progress payment is received. It releases lien rights for the entire payment and confirms the satisfaction of the related portion of the project. 5. Conditional Waiver and Release Upon Final Payment: — This specific waiver is used when the final payment is due. It indicates that the paying party will make the payment upon certain conditions, usually the successful completion of the project. It is essential to carefully read and understand the terms of a Lakewood Colorado Unconditional Waiver and Release Upon Progress Payment before signing it. Seeking legal advice is strongly recommended ensuring full comprehension of the document's implications and to protect both parties' interests.A Lakewood Colorado Unconditional Waiver and Release Upon Progress Payment is a legal document commonly used in the construction industry. It acts as a formal agreement between parties involved in a construction project, where the party receiving payment acknowledges the receipt of progress payment and releases any potential lien rights on the property. This document is crucial for contractors, subcontractors, and suppliers to ensure prompt payment for their work and materials. By signing a Lakewood Colorado Unconditional Waiver and Release Upon Progress Payment, the party waives their right to file a lien or claim against the property for the amount covered by the progress payment received. There may be different types of Lakewood Colorado Unconditional Waiver and Release Upon Progress Payment, each specified for different scenarios. These can include: 1. Conditional Waiver and Release Upon Progress Payment: — This type of waiver is only effective upon the actual receipt of payment. It provides protection to the paying party until the payment is successfully processed. 2. Unconditional Waiver and Release Upon Progress Payment: — This waiver is effective immediately upon signing, regardless of whether the payment is received. In this case, the party releasing their lien rights takes the risk of non-payment. 3. Partial Unconditional Waiver and Release Upon Progress Payment: — This waiver is used when a part of the invoice or progress payment is received. It releases lien rights for the amount received while retaining rights for the remaining balance until fully paid. 4. Full Unconditional Waiver and Release Upon Progress Payment: — This type of waiver applies when the entire progress payment is received. It releases lien rights for the entire payment and confirms the satisfaction of the related portion of the project. 5. Conditional Waiver and Release Upon Final Payment: — This specific waiver is used when the final payment is due. It indicates that the paying party will make the payment upon certain conditions, usually the successful completion of the project. It is essential to carefully read and understand the terms of a Lakewood Colorado Unconditional Waiver and Release Upon Progress Payment before signing it. Seeking legal advice is strongly recommended ensuring full comprehension of the document's implications and to protect both parties' interests.
