This Conditional 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 the 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 particular 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 Conditional Waiver and Release Upon Progress Payment in Lakewood, Colorado is a legal document that contractors, subcontractors, suppliers, or other parties involved in a construction project use to waive their right to file a claim or place a lien on the property once they receive partial payment for the work they have done. This type of waiver is generally used when construction projects are paid in installments or as the work progresses. It ensures that the party receiving payment acknowledges the receipt of specific funds and confirms their intent to release the property owner from any potential future claims or liens relating to that payment. There are different types of Conditional Waiver and Release Upon Progress Payments that can be utilized in Lakewood, Colorado, depending on whether the payment received is a partial or final payment. These include: 1. Partial Conditional Waiver and Release Upon Progress Payment: This waiver is used when a contractor or subcontractor receives a partial payment or installment for the work performed, materials supplied, or services rendered. By signing this waiver, the party acknowledges the receipt of payment for a specified amount and agrees not to file a claim or lien for that specific amount. 2. Final Conditional Waiver and Release Upon Progress Payment: This waiver is executed by the contractor, subcontractor, or supplier when they receive the final payment for the completed project. By signing this waiver, they confirm that they have received the full and final payment and waive any right to file a claim or lien related to the project. It is crucial to note that a Conditional Waiver and Release Upon Progress Payment is "conditional" because it is dependent on the receiving party actually receiving the payment specified in the waiver. If the payment does not clear or is insufficient, the waiver may be void, and the party retains their right to file a claim or place a lien on the property. Using these relevant keywords provides an in-depth overview of what Lakewood Colorado Conditional Waiver and Release Upon Progress Payment entails, allowing individuals involved in construction projects to understand the significance and different types of such waivers.A Conditional Waiver and Release Upon Progress Payment in Lakewood, Colorado is a legal document that contractors, subcontractors, suppliers, or other parties involved in a construction project use to waive their right to file a claim or place a lien on the property once they receive partial payment for the work they have done. This type of waiver is generally used when construction projects are paid in installments or as the work progresses. It ensures that the party receiving payment acknowledges the receipt of specific funds and confirms their intent to release the property owner from any potential future claims or liens relating to that payment. There are different types of Conditional Waiver and Release Upon Progress Payments that can be utilized in Lakewood, Colorado, depending on whether the payment received is a partial or final payment. These include: 1. Partial Conditional Waiver and Release Upon Progress Payment: This waiver is used when a contractor or subcontractor receives a partial payment or installment for the work performed, materials supplied, or services rendered. By signing this waiver, the party acknowledges the receipt of payment for a specified amount and agrees not to file a claim or lien for that specific amount. 2. Final Conditional Waiver and Release Upon Progress Payment: This waiver is executed by the contractor, subcontractor, or supplier when they receive the final payment for the completed project. By signing this waiver, they confirm that they have received the full and final payment and waive any right to file a claim or lien related to the project. It is crucial to note that a Conditional Waiver and Release Upon Progress Payment is "conditional" because it is dependent on the receiving party actually receiving the payment specified in the waiver. If the payment does not clear or is insufficient, the waiver may be void, and the party retains their right to file a claim or place a lien on the property. Using these relevant keywords provides an in-depth overview of what Lakewood Colorado Conditional Waiver and Release Upon Progress Payment entails, allowing individuals involved in construction projects to understand the significance and different types of such waivers.