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 specific date to a customer on the job of an owner of property. This Conditional Waiver and Release of Lien Upon Progress Payment is conditioned upon the lienor receiving collected funds for the work described, and should such funds not be received within a certain number of days of the date of this waiver, this Conditional Waiver and Release of Lien is void.
The Charlotte North Carolina Conditional Waiver and Release of Lien Upon Progress Payment is a legal document that is commonly used in construction projects to prevent any future potential claims or liens against a property. It is typically executed by a contractor or subcontractor upon receiving a progress payment for work completed on the project. This waiver serves as an agreement between the contractor or subcontractor and the property owner or general contractor, stating that the payment received is considered as a partial payment for the work done. By signing this document, the contractor or subcontractor waives their rights to file a lien against the property for the specific amount paid, ensuring that the owner's title remains clear of any potential claims. There are two main types of Charlotte North Carolina Conditional Waiver and Release of Lien Upon Progress Payment: 1. Conditional Waiver and Release of Lien Upon Progress Payment: This type of waiver is used when the contractor or subcontractor acknowledges receiving a payment for the work done, but it is still subject to any outstanding payment obligations or potential claims for additional services or issues that may arise. It provides a conditional release of lien rights up to the amount specified, preserving the right to seek additional payment if necessary. 2. Unconditional Waiver and Release of Lien Upon Progress Payment: This type of waiver is used when the contractor or subcontractor acknowledges receiving a payment for the work done and confirms that the payment represents their full and final payment for the services provided. By signing this document, they waive all rights to future claims, and any potential liens against the property are fully released. These waivers and releases of lien upon progress payment are essential to protect both parties involved in a construction project. They ensure that contractors and subcontractors receive timely payments for their work, while also providing peace of mind to property owners and general contractors, as it prevents any future legal complications or disputes related to liens and claims. It is crucial to ensure that these documents are properly executed and comply with the specific laws and regulations of Charlotte, North Carolina, to ensure their validity and effectiveness.
