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.
The Oakland Michigan Partial Conditional Waiver of Lien — Corporation or LLC is a legal document used in the state of Michigan by corporations or limited liability companies (LCS) in the construction industry. This waiver serves as a tool to protect the rights of contractors, subcontractors, and material suppliers, specifically by releasing a portion of their lien rights on a property. When working on a construction project, it is common for contractors or material suppliers to file a lien against the property to ensure they receive payment for their services or products. However, in some cases, a lien may be discharged or partially waived, allowing for the release of some lien rights. This waiver document is used to achieve that purpose. There are two main types of Oakland Michigan Partial Conditional Waiver of Lien — Corporation or LLC: 1. Partial Conditional Waiver Upon Progress Payment: This type of partial waiver is typically used when a contractor or material supplier has received a progress payment for their work on the project. By signing this waiver, the corporation or LLC agrees to waive a portion of their lien rights equivalent to the payment received. 2. Partial Conditional Waiver Upon Final Payment: This type of partial waiver is utilized when the construction project reaches completion, and the contractor or material supplier receives the final payment. By signing this waiver, the corporation or LLC relinquishes a specific portion of their lien rights in exchange for full or partial payment. It is important to note that the Oakland Michigan Partial Conditional Waiver of Lien — Corporation or LLC is a legal document that should be executed carefully and with proper understanding of its implications. It is advised to consult with an attorney or legal professional when preparing or signing this waiver to ensure compliance with Michigan's lien laws and to protect the parties involved in the construction project. By utilizing the Oakland Michigan Partial Conditional Waiver of Lien — Corporation or LLC, contractors, subcontractors, and material suppliers can effectively address payment issues and protect their rights while maintaining a working relationship with property owners and other parties involved in the construction project.The Oakland Michigan Partial Conditional Waiver of Lien — Corporation or LLC is a legal document used in the state of Michigan by corporations or limited liability companies (LCS) in the construction industry. This waiver serves as a tool to protect the rights of contractors, subcontractors, and material suppliers, specifically by releasing a portion of their lien rights on a property. When working on a construction project, it is common for contractors or material suppliers to file a lien against the property to ensure they receive payment for their services or products. However, in some cases, a lien may be discharged or partially waived, allowing for the release of some lien rights. This waiver document is used to achieve that purpose. There are two main types of Oakland Michigan Partial Conditional Waiver of Lien — Corporation or LLC: 1. Partial Conditional Waiver Upon Progress Payment: This type of partial waiver is typically used when a contractor or material supplier has received a progress payment for their work on the project. By signing this waiver, the corporation or LLC agrees to waive a portion of their lien rights equivalent to the payment received. 2. Partial Conditional Waiver Upon Final Payment: This type of partial waiver is utilized when the construction project reaches completion, and the contractor or material supplier receives the final payment. By signing this waiver, the corporation or LLC relinquishes a specific portion of their lien rights in exchange for full or partial payment. It is important to note that the Oakland Michigan Partial Conditional Waiver of Lien — Corporation or LLC is a legal document that should be executed carefully and with proper understanding of its implications. It is advised to consult with an attorney or legal professional when preparing or signing this waiver to ensure compliance with Michigan's lien laws and to protect the parties involved in the construction project. By utilizing the Oakland Michigan Partial Conditional Waiver of Lien — Corporation or LLC, contractors, subcontractors, and material suppliers can effectively address payment issues and protect their rights while maintaining a working relationship with property owners and other parties involved in the construction project.
