Miami-Dade Florida Waiver of Right to Claim Against the Payment Bond (Final Payment) - Individual

• Category: Florida Liens - Construction - Mechanics
• State: Florida
• County: Miami-Dade
• Control #: FL-03230
• Format: Word; Rich Text

Description

This Waiver of Right to Claim Against the Payment Bond (Final Payment) is for use by an individual lienor in consideration of final payment to waive his or her right to claim against the payment bond for labor, services or materials furnished on a job of an owner of property for improvements. A Miami-Dade Florida Waiver of Right to Claim Against the Payment Bond (Final Payment) — Individual is a legal document that relinquishes an individual's right to make any future claims against the payment bond for final payment on a construction project. This waiver is commonly used in construction contracts when a subcontractor or supplier has been paid in full for their work or materials and wants to release the owner, general contractor, and surety from any further liability. Keywords: Miami-Dade Florida, waiver, right to claim, payment bond, final payment, individual, construction project, subcontractor, supplier, paid in full, owner, general contractor, surety There are two main types of Miami-Dade Florida Waiver of Right to Claim Against the Payment Bond (Final Payment) — Individual: 1. Conditional Waiver: This type of waiver becomes effective only after the individual has received payment for the final payment owed. The individual acknowledges that the payment received is in full satisfaction for their work or materials, and they waive any right to claim against the payment bond for any additional amounts. 2. Unconditional Waiver: Unlike the conditional waiver, an unconditional waiver is effective immediately upon execution, regardless of whether the individual has received full payment for their work or materials. By signing this waiver, the individual acknowledges that they have received at least a partial payment and waive any right to claim against the payment bond for the agreed-upon amount or any further amounts. Both types of waivers protect the owner, general contractor, and surety by preventing any future claims against the payment bond. It is essential for the individual signing the waiver to carefully review the terms and ensure that they have been paid appropriately before relinquishing their right to make any future claims.

A Miami-Dade Florida Waiver of Right to Claim Against the Payment Bond (Final Payment) — Individual is a legal document that relinquishes an individual's right to make any future claims against the payment bond for final payment on a construction project. This waiver is commonly used in construction contracts when a subcontractor or supplier has been paid in full for their work or materials and wants to release the owner, general contractor, and surety from any further liability. Keywords: Miami-Dade Florida, waiver, right to claim, payment bond, final payment, individual, construction project, subcontractor, supplier, paid in full, owner, general contractor, surety There are two main types of Miami-Dade Florida Waiver of Right to Claim Against the Payment Bond (Final Payment) — Individual: 1. Conditional Waiver: This type of waiver becomes effective only after the individual has received payment for the final payment owed. The individual acknowledges that the payment received is in full satisfaction for their work or materials, and they waive any right to claim against the payment bond for any additional amounts. 2. Unconditional Waiver: Unlike the conditional waiver, an unconditional waiver is effective immediately upon execution, regardless of whether the individual has received full payment for their work or materials. By signing this waiver, the individual acknowledges that they have received at least a partial payment and waive any right to claim against the payment bond for the agreed-upon amount or any further amounts. Both types of waivers protect the owner, general contractor, and surety by preventing any future claims against the payment bond. It is essential for the individual signing the waiver to carefully review the terms and ensure that they have been paid appropriately before relinquishing their right to make any future claims.