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.
A Fayetteville North Carolina Conditional Waiver and Release of Lien Upon Progress Payment is a legal document used in the construction industry to provide assurance that a contractor or subcontractor will release their rights to place a lien on a property upon receiving a progress payment. This waiver acts as a guarantee that the contractor or subcontractor will not make a claim for unpaid work or materials in the future. Keywords: Fayetteville North Carolina, conditional waiver, release of lien, progress payment, construction industry There are different types of Fayetteville North Carolina Conditional Waiver and Release of Lien Upon Progress Payment, depending on the scope and nature of the construction project. The most common types include: 1. Conditional Partial Waiver and Release of Lien Upon Progress Payment: This type of waiver is used when a contractor or subcontractor has received a partial payment for completed work. By signing this document, they acknowledge that they have received the payment and agree not to file a lien for the portion covered by the payment. 2. Conditional Final Waiver and Release of Lien Upon Progress Payment: This waiver is used when a contractor or subcontractor has received the final payment for the project, indicating that all work has been completed. By signing this document, they confirm that they have received the full payment and waive any rights to file a lien in the future. 3. Conditional Waiver and Release of Lien Upon Progress Payment with Exceptions: This type of waiver is used when a contractor or subcontractor has received a progress payment but still has outstanding concerns or disputes regarding specific elements of the work or payment. By signing this waiver, they release their lien rights for the payment received, except for the disputed amounts or unresolved issues. 4. Conditional Waiver and Release of Lien Upon Progress Payment for Subcontractors: This waiver is tailored specifically for subcontractors working on a construction project. It functions similarly to the waivers mentioned above, ensuring that subcontractors release their lien rights upon receiving progress payments. It is important for all parties involved in a construction project, including property owners, contractors, and subcontractors, to understand and utilize the appropriate Fayetteville North Carolina Conditional Waiver and Release of Lien Upon Progress Payment to protect their interests and establish clear payment terms.
