Detroit Michigan Full Conditional Waiver and Release of Lien by Contractor - Individual

• Category: Michigan Liens - Construction - Mechanics
• State: Michigan
• City: Detroit
• Control #: MI-11-09
• Format: Word; Rich Text

Description

This form is supplied by a 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. A full, conditional waiver such as this one indicates that the contractor or subcontractor is releasing his rights to a lien based upon a final payment yet to be made. The Detroit Michigan Full Conditional Waiver and Release of Lien by Contractor — Individual is a legal document that serves to release a contractor from any potential lien rights on a specific project upon receiving payment. This waiver ensures that the contractor relinquishes any claim on the property and the payment received is considered sufficient compensation for the services rendered. There are different types of Detroit Michigan Full Conditional Waiver and Release of Lien by Contractor — Individual, each serving a specific purpose within the construction industry: 1. Progress Payment Waiver and Release: This type of waiver is used when the contractor receives a partial payment for their work during the construction process. It confirms that the contractor has been compensated for the completed work and will not place a lien on the property for that particular payment. 2. Final Payment Waiver and Release: This waiver is executed when the contractor's work is fully completed, and the final payment is received. By signing this document, the contractor agrees to release all lien rights on the property in exchange for the final payment. 3. Conditional Waiver on Unpaid Balance: This type of waiver is utilized when the contractor is receiving a partial payment but still has some outstanding balance remaining. It acknowledges the receipt of the partial payment and releases the contractor's lien rights only for the amount received, while preserving the lien rights for the unpaid balance. 4. Partial Conditional Waiver and Release: This waiver is applicable when the contractor has completed a specific phase or a portion of the project and receives a partial payment or progress payment. It provides conditional release of lien rights for the acknowledged partial payment while retaining lien rights for any remaining balance. In summary, the Detroit Michigan Full Conditional Waiver and Release of Lien by Contractor — Individual is a vital legal document that protects both the property owner and the contractor during a construction project. By signing this waiver, the contractor agrees to release any claim on the property in exchange for the agreed-upon payment, ensuring a fair and transparent transaction.

The Detroit Michigan Full Conditional Waiver and Release of Lien by Contractor — Individual is a legal document that serves to release a contractor from any potential lien rights on a specific project upon receiving payment. This waiver ensures that the contractor relinquishes any claim on the property and the payment received is considered sufficient compensation for the services rendered. There are different types of Detroit Michigan Full Conditional Waiver and Release of Lien by Contractor — Individual, each serving a specific purpose within the construction industry: 1. Progress Payment Waiver and Release: This type of waiver is used when the contractor receives a partial payment for their work during the construction process. It confirms that the contractor has been compensated for the completed work and will not place a lien on the property for that particular payment. 2. Final Payment Waiver and Release: This waiver is executed when the contractor's work is fully completed, and the final payment is received. By signing this document, the contractor agrees to release all lien rights on the property in exchange for the final payment. 3. Conditional Waiver on Unpaid Balance: This type of waiver is utilized when the contractor is receiving a partial payment but still has some outstanding balance remaining. It acknowledges the receipt of the partial payment and releases the contractor's lien rights only for the amount received, while preserving the lien rights for the unpaid balance. 4. Partial Conditional Waiver and Release: This waiver is applicable when the contractor has completed a specific phase or a portion of the project and receives a partial payment or progress payment. It provides conditional release of lien rights for the acknowledged partial payment while retaining lien rights for any remaining balance. In summary, the Detroit Michigan Full Conditional Waiver and Release of Lien by Contractor — Individual is a vital legal document that protects both the property owner and the contractor during a construction project. By signing this waiver, the contractor agrees to release any claim on the property in exchange for the agreed-upon payment, ensuring a fair and transparent transaction.

Law summary