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

• Category: Florida Liens - Construction - Mechanics
• State: Florida
• City: Lakeland
• 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 Lakeland Florida Waiver of Right to Claim Against the Payment Bond (Progress Payment) is a legal document commonly used by corporations or LCS in the construction industry. It serves as a release of any future claims against the payment bond related to progress payments made on a construction project. This waiver provides protection for the surety bond and ensures that the corporation or LLC relinquishes any rights to seek further reimbursement or legal action against the payment bond. This waiver is an essential tool for construction companies engaging in projects that require a payment bond and helps to streamline the payment process. By signing this document, the corporation or LLC acknowledges that it has received the progress payment or payments from the project's general contractor or owner for completed work as agreed upon in the contract. It is important to note that there are different types of Lakeland Florida Waivers of Right to Claim Against the Payment Bond (Progress Payment) available depending on the specific circumstances: 1. Conditional Waiver: This type of waiver is effective upon receipt of the progress payment and is contingent upon the actual receipt of the funds. 2. Unconditional Waiver: This type of waiver becomes effective immediately upon signing, regardless of whether the funds have been received or not. It provides a stronger release of claims against the payment bond. Both types of waivers serve the purpose of releasing the corporation or LLC from any further claims related to progress payments on a construction project. However, the conditional waiver offers more protection as it ensures that the funds have been received before releasing any claim rights, while the unconditional waiver offers immediate release regardless of fund receipt. It is crucial for corporations or LCS to carefully consider which type of waiver to use according to their specific payment circumstances and to consult with legal professionals experienced in construction law to ensure the appropriate waiver is used. This will help to protect the interests of both parties involved in the construction project and facilitate smooth payment processes.

A Lakeland Florida Waiver of Right to Claim Against the Payment Bond (Progress Payment) is a legal document commonly used by corporations or LCS in the construction industry. It serves as a release of any future claims against the payment bond related to progress payments made on a construction project. This waiver provides protection for the surety bond and ensures that the corporation or LLC relinquishes any rights to seek further reimbursement or legal action against the payment bond. This waiver is an essential tool for construction companies engaging in projects that require a payment bond and helps to streamline the payment process. By signing this document, the corporation or LLC acknowledges that it has received the progress payment or payments from the project's general contractor or owner for completed work as agreed upon in the contract. It is important to note that there are different types of Lakeland Florida Waivers of Right to Claim Against the Payment Bond (Progress Payment) available depending on the specific circumstances: 1. Conditional Waiver: This type of waiver is effective upon receipt of the progress payment and is contingent upon the actual receipt of the funds. 2. Unconditional Waiver: This type of waiver becomes effective immediately upon signing, regardless of whether the funds have been received or not. It provides a stronger release of claims against the payment bond. Both types of waivers serve the purpose of releasing the corporation or LLC from any further claims related to progress payments on a construction project. However, the conditional waiver offers more protection as it ensures that the funds have been received before releasing any claim rights, while the unconditional waiver offers immediate release regardless of fund receipt. It is crucial for corporations or LCS to carefully consider which type of waiver to use according to their specific payment circumstances and to consult with legal professionals experienced in construction law to ensure the appropriate waiver is used. This will help to protect the interests of both parties involved in the construction project and facilitate smooth payment processes.