Hillsborough Florida Waiver of Right to Claim Against the Payment Bond (Progress Payment) - Corporation or LLC

• Category: Florida Liens - Construction - Mechanics
• State: Florida
• County: Hillsborough
• Control #: FL-03229A
• Format: Word; Rich Text

Description

This Waiver of Right to Claim Against the Payment Bond (Progress Payment) is for use by a corporate or LLC lienor to waive its right to claim against the payment bond for labor, services, or materials furnished through a specific date on a particular job of an owner of property for improvements in consideration of a certain sum of money. A Hillsborough Florida Waiver of Right to Claim Against the Payment Bond (Progress Payment) — Corporation or LLC is a legal document that releases the claimant's right to seek payment from a payment bond for construction or improvement projects in Hillsborough County, Florida. This waiver is specifically designed for corporations or limited liability companies (LCS) involved in the construction industry. This waiver serves as a contractual agreement between the claimant, typically a subcontractor or supplier, and the principal contractor or project owner. By signing this waiver, the claimant forfeits their right to make a claim against the payment bond for any outstanding progress payment they may be owed. It is crucial for both corporations and LCS engaged in construction projects within Hillsborough County to understand the different types of waivers available. These include: 1. Conditional Waiver and Release upon Progress Payment — This type of waiver is executed when the claimant has received a progress payment from the principal contractor. By signing this waiver, the claimant acknowledges receiving the payment and surrenders their right to make further claims against the payment bond for that particular payment. 2. Unconditional Waiver and Release upon Progress Payment — Similar to the conditional waiver, this waiver is signed when the claimant has received a progress payment. However, unlike the conditional waiver, the unconditional waiver does not contain any contingencies or conditions. Once signed, the claimant waives the right to claim against the payment bond regardless of any potential issues or disputes that may arise. It's important to note that these waivers are typically requested by the principal contractor or owner before making any progress payments. Additionally, they are considered binding legal documents once signed, so it is crucial to thoroughly review and understand the terms before agreeing to waive any rights. In summary, a Hillsborough Florida Waiver of Right to Claim Against the Payment Bond (Progress Payment) — Corporation or LLC is a specific type of waiver designed for corporations or LCS involved in construction projects. The waiver, available in conditional and unconditional forms, relinquishes the claimant's right to seek payment from the payment bond for progress payments received.

A Hillsborough Florida Waiver of Right to Claim Against the Payment Bond (Progress Payment) — Corporation or LLC is a legal document that releases the claimant's right to seek payment from a payment bond for construction or improvement projects in Hillsborough County, Florida. This waiver is specifically designed for corporations or limited liability companies (LCS) involved in the construction industry. This waiver serves as a contractual agreement between the claimant, typically a subcontractor or supplier, and the principal contractor or project owner. By signing this waiver, the claimant forfeits their right to make a claim against the payment bond for any outstanding progress payment they may be owed. It is crucial for both corporations and LCS engaged in construction projects within Hillsborough County to understand the different types of waivers available. These include: 1. Conditional Waiver and Release upon Progress Payment — This type of waiver is executed when the claimant has received a progress payment from the principal contractor. By signing this waiver, the claimant acknowledges receiving the payment and surrenders their right to make further claims against the payment bond for that particular payment. 2. Unconditional Waiver and Release upon Progress Payment — Similar to the conditional waiver, this waiver is signed when the claimant has received a progress payment. However, unlike the conditional waiver, the unconditional waiver does not contain any contingencies or conditions. Once signed, the claimant waives the right to claim against the payment bond regardless of any potential issues or disputes that may arise. It's important to note that these waivers are typically requested by the principal contractor or owner before making any progress payments. Additionally, they are considered binding legal documents once signed, so it is crucial to thoroughly review and understand the terms before agreeing to waive any rights. In summary, a Hillsborough Florida Waiver of Right to Claim Against the Payment Bond (Progress Payment) — Corporation or LLC is a specific type of waiver designed for corporations or LCS involved in construction projects. The waiver, available in conditional and unconditional forms, relinquishes the claimant's right to seek payment from the payment bond for progress payments received.