This form is supplied by a corporate or LLC contractor, subcontractor, or supplier, whenever payment is made. It serves as a receipt for payment and serves as notice to the property owner that construction lien rights are being waived. This conditional waiver allows the contractor, subcontractor, or supplier to waive part of their lien based on payments already made but reserves the right to peruse a lien for future payments that have not yet been made.
A Grand Rapids Michigan Partial Conditional Waiver of Lien — Corporation or LLC is a legal document used to release a partial claim against a property owner's interest in the property in exchange for a partial payment made by a corporation or LLC. This waiver is commonly used in the construction industry when a contractor, subcontractor, or supplier wants to release a portion of their right to file a lien on the property due to outstanding payments. By executing a Grand Rapids Michigan Partial Conditional Waiver of Lien — Corporation or LLC, the corporation or LLC agrees to waive their right to claim a lien on the property for the specified portion of the payment received. This is typically done when the payment made is only partial and does not cover the entire amount due. There are two types of Grand Rapids Michigan Partial Conditional Waiver of Lien — Corporation or LLC: 1. Partial Conditional Waiver of Lien — Progress Payment: This waiver is used when a corporation or LLC receives a partial payment for work or materials supplied during a construction project. By signing this waiver, the corporation or LLC agrees to release their right to file a lien on the property for the specific amount covered by the partial payment. 2. Partial Conditional Waiver of Lien — Final Payment: This type of waiver is used when a corporation or LLC receives the final payment for completed work or materials supplied. It releases the corporation or LLC's right to claim a lien on the property for the portion covered by the final payment received. Both types of waivers require careful consideration, as they involve a partial release of lien rights. It's crucial for corporations and LCS to review the terms and conditions of the payment received before signing the waiver. It's advisable to consult with legal professionals experienced in construction law to ensure that the waiver is executed correctly and the corporation or LLC's rights are protected. In summary, a Grand Rapids Michigan Partial Conditional Waiver of Lien — Corporation or LLC is a legal document that allows a corporation or LLC to release a partial claim against a property owner's interest in exchange for a partial payment. It is an essential tool in the construction industry to facilitate smooth payment transactions and avoid potential disputes.A Grand Rapids Michigan Partial Conditional Waiver of Lien — Corporation or LLC is a legal document used to release a partial claim against a property owner's interest in the property in exchange for a partial payment made by a corporation or LLC. This waiver is commonly used in the construction industry when a contractor, subcontractor, or supplier wants to release a portion of their right to file a lien on the property due to outstanding payments. By executing a Grand Rapids Michigan Partial Conditional Waiver of Lien — Corporation or LLC, the corporation or LLC agrees to waive their right to claim a lien on the property for the specified portion of the payment received. This is typically done when the payment made is only partial and does not cover the entire amount due. There are two types of Grand Rapids Michigan Partial Conditional Waiver of Lien — Corporation or LLC: 1. Partial Conditional Waiver of Lien — Progress Payment: This waiver is used when a corporation or LLC receives a partial payment for work or materials supplied during a construction project. By signing this waiver, the corporation or LLC agrees to release their right to file a lien on the property for the specific amount covered by the partial payment. 2. Partial Conditional Waiver of Lien — Final Payment: This type of waiver is used when a corporation or LLC receives the final payment for completed work or materials supplied. It releases the corporation or LLC's right to claim a lien on the property for the portion covered by the final payment received. Both types of waivers require careful consideration, as they involve a partial release of lien rights. It's crucial for corporations and LCS to review the terms and conditions of the payment received before signing the waiver. It's advisable to consult with legal professionals experienced in construction law to ensure that the waiver is executed correctly and the corporation or LLC's rights are protected. In summary, a Grand Rapids Michigan Partial Conditional Waiver of Lien — Corporation or LLC is a legal document that allows a corporation or LLC to release a partial claim against a property owner's interest in exchange for a partial payment. It is an essential tool in the construction industry to facilitate smooth payment transactions and avoid potential disputes.
