Lee's Summit Missouri Conditional Waiver and Release of Lien Upon Progress Payment

• Category: Missouri Liens - Construction - Mechanics
• State: Missouri
• City: Lee's Summit
• Control #: MO-07-09
• Format: Word; Rich Text

Description

This Conditional Waiver and Release of Lien Upon Progress Payment form is for use by a lienor, in consideration of a certain sum of money to waive and release his or her lien and right to claim a lien for labor, services or materials furnished through a particular date to a customer on the job of the owner of property. This Conditional Waiver and Release of Lien Upon Progress Payment is conditioned upon the lienor receiving collected funds for the work, and if such funds are not received within a certain number of days of the date of this waiver, this Conditional Waiver and Release of Lien is void. Lee's Summit, Missouri Conditional Waiver and Release of Lien Upon Progress Payment is a legal document commonly used in the construction industry. It serves as a protective measure for contractors, suppliers, and subcontractors by allowing them to waive their right to file a lien on a property in exchange for partial payment. This Conditional Waiver and Release of Lien is executed when a progress payment is made by the property owner, contractor, or general contractor. It demonstrates that a portion of the contract or work has been successfully completed, and the party receiving payment acknowledges this. By signing the waiver, the contractor or subcontractor agrees to release their right to file a lien on the property for the specified payment they received. However, it's important to note that the waiver only covers the specific payment mentioned in the document and does not waive any rights for future payments or potential additional work. Different types of Conditional Waiver and Release of Lien Upon Progress Payment in Lee's Summit, Missouri may include: 1. Conditional Partial Waiver and Release of Lien: This waiver is used when a partial payment is made during the project's progress, releasing the right to file a lien for the specific payment mentioned in the document. 2. Conditional Final Waiver and Release of Lien: This waiver is executed when the final payment is made, indicating the completion of the project. By signing this document, the contractor or subcontractor waives their right to file a lien for the final payment received. The Lee's Summit, Missouri Conditional Waiver and Release of Lien Upon Progress Payment is a crucial aspect of ensuring a smooth payment process in construction projects. It provides assurance to property owners and contractors that the parties involved have fulfilled their obligations up to a certain point, safeguarding against any potential lien-related disputes. It is highly recommended consulting with a legal professional specializing in construction law to ensure that the proper form and language are used in the creation and execution of Lee's Summit, Missouri Conditional Waiver and Release of Lien Upon Progress Payment to protect the rights and interests of all parties involved.

Lee's Summit, Missouri Conditional Waiver and Release of Lien Upon Progress Payment is a legal document commonly used in the construction industry. It serves as a protective measure for contractors, suppliers, and subcontractors by allowing them to waive their right to file a lien on a property in exchange for partial payment. This Conditional Waiver and Release of Lien is executed when a progress payment is made by the property owner, contractor, or general contractor. It demonstrates that a portion of the contract or work has been successfully completed, and the party receiving payment acknowledges this. By signing the waiver, the contractor or subcontractor agrees to release their right to file a lien on the property for the specified payment they received. However, it's important to note that the waiver only covers the specific payment mentioned in the document and does not waive any rights for future payments or potential additional work. Different types of Conditional Waiver and Release of Lien Upon Progress Payment in Lee's Summit, Missouri may include: 1. Conditional Partial Waiver and Release of Lien: This waiver is used when a partial payment is made during the project's progress, releasing the right to file a lien for the specific payment mentioned in the document. 2. Conditional Final Waiver and Release of Lien: This waiver is executed when the final payment is made, indicating the completion of the project. By signing this document, the contractor or subcontractor waives their right to file a lien for the final payment received. The Lee's Summit, Missouri Conditional Waiver and Release of Lien Upon Progress Payment is a crucial aspect of ensuring a smooth payment process in construction projects. It provides assurance to property owners and contractors that the parties involved have fulfilled their obligations up to a certain point, safeguarding against any potential lien-related disputes. It is highly recommended consulting with a legal professional specializing in construction law to ensure that the proper form and language are used in the creation and execution of Lee's Summit, Missouri Conditional Waiver and Release of Lien Upon Progress Payment to protect the rights and interests of all parties involved.

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