This Unconditional 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.
Cary, North Carolina Unconditional Waiver and Release of Lien Upon Progress Payment is a legal document commonly used in construction projects to protect the rights of contractors, suppliers, and subcontractors involved in the project. This waiver serves as a form of assurance that the party releasing the lien upon receiving a progress payment from the property owner or general contractor. In essence, an unconditional waiver and release of lien signifies that the party releasing the lien has been paid for the work completed or materials supplied up to a specific date. This document relinquishes any rights to file or enforce a lien against the property for the amount stated in the waiver. Different types of Cary, North Carolina Unconditional Waiver and Release of Lien Upon Progress Payment may include: 1. Partial Unconditional Waiver and Release of Lien Upon Progress Payment: This type of waiver is issued by a contractor or subcontractor, releasing their right to file a lien for the specific amount of payment received for work completed or materials supplied up to a certain date. It acknowledges partial payment and indicates that the remaining balance may still be subject to a lien. 2. Final Unconditional Waiver and Release of Lien Upon Progress Payment: This waiver is issued by a contractor or subcontractor after receiving full payment for the project. It acknowledges that all payments have been made and releases any lien rights. 3. Conditional Waiver and Release of Lien Upon Progress Payment: Although not strictly an unconditional waiver, this type of document is sometimes used when there are uncertainties regarding the payment. It states that the waiver is conditioned upon the check or payment being successfully processed and grants the right to file a lien if the payment fails to clear. The purpose of a Cary, North Carolina Unconditional Waiver and Release of Lien Upon Progress Payment is to promote transparency and facilitate the smooth progress of construction projects. By releasing the lien rights upon receiving payment, it provides a measure of protection to property owners and general contractors, ensuring that all parties involved are satisfied with the financial aspects of the project.
