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

• Category: Florida Liens - Construction - Mechanics
• State: Florida
• City: Hollywood
• 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 Hollywood Florida Waiver of Right to Claim Against the Payment Bond (Progress Payment) is a legal document that releases a corporation or LLC from any future claims against a payment bond related to a construction project. This waiver is commonly used in the construction industry to protect contractors and subcontractors from potential payment disputes. The waiver is specifically designed for corporations or LCS involved in the construction project and serves as a formal agreement between the parties involved. By signing this waiver, a corporation or LLC voluntarily waives their right to make any future claims against the payment bond for progress payments. Some keywords related to the Hollywood Florida Waiver of Right to Claim Against the Payment Bond (Progress Payment) — Corporation or LLC include: 1. Hollywood Florida: Referring to the geographical location where the waiver is applicable, in this case, Hollywood, Florida. 2. Waiver of Right: This phrase emphasizes that the document involves the voluntary relinquishment of any future legal claims. 3. Claim Against the Payment Bond: It highlights that the waiver pertains specifically to any disputes regarding payments tied to the project's payment bond. 4. Progress Payment: This term signifies that the waiver relates to payments made at various milestones or stages of a construction project. 5. Corporation or LLC: It indicates that the waiver can be used by both corporate entities and limited liability companies. Different types of Hollywood Florida Waivers of Right to Claim Against the Payment Bond (Progress Payment) — Corporation or LLC may include variations based on the specific circumstances or legal requirements involved in the construction project. These variations could include: — Full Release: This waiver completely releases a corporation or LLC from any future claims against the payment bond for progress payments. — Conditional Release: This waiver becomes effective only after the specified progress payment has been received, ensuring that the corporation or LLC has been compensated before waiving any potential claims. — Partial Release: This waiver only covers a portion of the progress payment, allowing for the corporation or LLC to claim the remaining amount if necessary. — Unconditional Waiver: This waiver does not have any conditions or contingencies attached, immediately waiving all future claims against the payment bond for progress payments. It's essential to consult with legal counsel when drafting or using any Hollywood Florida Waiver of Right to Claim Against the Payment Bond to ensure compliance with local regulations and to best protect the interests of the parties involved.

A Hollywood Florida Waiver of Right to Claim Against the Payment Bond (Progress Payment) is a legal document that releases a corporation or LLC from any future claims against a payment bond related to a construction project. This waiver is commonly used in the construction industry to protect contractors and subcontractors from potential payment disputes. The waiver is specifically designed for corporations or LCS involved in the construction project and serves as a formal agreement between the parties involved. By signing this waiver, a corporation or LLC voluntarily waives their right to make any future claims against the payment bond for progress payments. Some keywords related to the Hollywood Florida Waiver of Right to Claim Against the Payment Bond (Progress Payment) — Corporation or LLC include: 1. Hollywood Florida: Referring to the geographical location where the waiver is applicable, in this case, Hollywood, Florida. 2. Waiver of Right: This phrase emphasizes that the document involves the voluntary relinquishment of any future legal claims. 3. Claim Against the Payment Bond: It highlights that the waiver pertains specifically to any disputes regarding payments tied to the project's payment bond. 4. Progress Payment: This term signifies that the waiver relates to payments made at various milestones or stages of a construction project. 5. Corporation or LLC: It indicates that the waiver can be used by both corporate entities and limited liability companies. Different types of Hollywood Florida Waivers of Right to Claim Against the Payment Bond (Progress Payment) — Corporation or LLC may include variations based on the specific circumstances or legal requirements involved in the construction project. These variations could include: — Full Release: This waiver completely releases a corporation or LLC from any future claims against the payment bond for progress payments. — Conditional Release: This waiver becomes effective only after the specified progress payment has been received, ensuring that the corporation or LLC has been compensated before waiving any potential claims. — Partial Release: This waiver only covers a portion of the progress payment, allowing for the corporation or LLC to claim the remaining amount if necessary. — Unconditional Waiver: This waiver does not have any conditions or contingencies attached, immediately waiving all future claims against the payment bond for progress payments. It's essential to consult with legal counsel when drafting or using any Hollywood Florida Waiver of Right to Claim Against the Payment Bond to ensure compliance with local regulations and to best protect the interests of the parties involved.