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

• Category: Florida Liens - Construction - Mechanics
• State: Florida
• City: Tallahassee
• 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 Tallahassee Florida Waiver of Right to Claim Against the Payment Bond (Progress Payment) — Corporation or LLC is a legal document used by corporations or limited liability companies (LCS) in Tallahassee, Florida, to waive their right to make a claim against a specific payment bond related to a construction project. This waiver typically pertains to progress payments made by a project owner to a general contractor, which are secured by a payment bond. By signing this waiver, the corporation or LLC agrees that they have received their progress payment for work completed on the project. Furthermore, they relinquish their right to make a claim or assert any rights against the payment bond held by the project owner, general contractor, or any other parties involved in the project. It is important to note that there may be different types or variations of the Tallahassee Florida Waiver of Right to Claim Against the Payment Bond (Progress Payment) — Corporation or LLC, which can include: 1. Partial Waiver of Right to Claim: This waiver applies to a specific progress payment and covers only the amount received for that payment. It does not release any future claims related to subsequent progress payments. 2. Full Waiver of Right to Claim: This waiver encompasses all progress payments made by the project owner, releasing the corporation or LLC from any further claims against the payment bond, regardless of the payment stage. 3. Conditional Waiver: This type of waiver is contingent upon the actual receipt and clearance of funds from the progress payment. It assures that the corporation or LLC will waive their rights to claim against the payment bond only if the payment is successfully processed. 4. Unconditional Waiver: Unlike a conditional waiver, this type of waiver is final and unconditional. It does not depend on the receipt of payment; instead, it is a complete and irrevocable waiver of rights to claim against the payment bond. When utilizing these waivers, it is essential for corporations or LCS to carefully consider the implications and consult with legal professionals to ensure a thorough understanding of their rights and protections. Each waiver may have distinct requirements, and it is crucial to comply with the specific terms and conditions outlined in the document.

A Tallahassee Florida Waiver of Right to Claim Against the Payment Bond (Progress Payment) — Corporation or LLC is a legal document used by corporations or limited liability companies (LCS) in Tallahassee, Florida, to waive their right to make a claim against a specific payment bond related to a construction project. This waiver typically pertains to progress payments made by a project owner to a general contractor, which are secured by a payment bond. By signing this waiver, the corporation or LLC agrees that they have received their progress payment for work completed on the project. Furthermore, they relinquish their right to make a claim or assert any rights against the payment bond held by the project owner, general contractor, or any other parties involved in the project. It is important to note that there may be different types or variations of the Tallahassee Florida Waiver of Right to Claim Against the Payment Bond (Progress Payment) — Corporation or LLC, which can include: 1. Partial Waiver of Right to Claim: This waiver applies to a specific progress payment and covers only the amount received for that payment. It does not release any future claims related to subsequent progress payments. 2. Full Waiver of Right to Claim: This waiver encompasses all progress payments made by the project owner, releasing the corporation or LLC from any further claims against the payment bond, regardless of the payment stage. 3. Conditional Waiver: This type of waiver is contingent upon the actual receipt and clearance of funds from the progress payment. It assures that the corporation or LLC will waive their rights to claim against the payment bond only if the payment is successfully processed. 4. Unconditional Waiver: Unlike a conditional waiver, this type of waiver is final and unconditional. It does not depend on the receipt of payment; instead, it is a complete and irrevocable waiver of rights to claim against the payment bond. When utilizing these waivers, it is essential for corporations or LCS to carefully consider the implications and consult with legal professionals to ensure a thorough understanding of their rights and protections. Each waiver may have distinct requirements, and it is crucial to comply with the specific terms and conditions outlined in the document.