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.
A Wake North Carolina Unconditional Waiver and Release of Lien Upon Progress Payment is a legal document that serves as a written agreement between a contractor, subcontractor, or supplier (referred to as the "claimant") and the property owner or general contractor (referred to as the "owner"). This waiver is typically used in the construction industry to release any potential lien or claim rights that the claimant may have over a property when a progress payment is made. The purpose of the Wake North Carolina Unconditional Waiver and Release of Lien Upon Progress Payment is to provide assurance to the owner that the claimant has received payment for the work or materials provided, and to protect the owner from any future liens or claims related to that specific payment. It establishes a legal agreement that the claimant will no longer have the right to pursue a lien or claim against the property for the specific progress payment amount. Some types or variations of Wake North Carolina Unconditional Waiver and Release of Lien Upon Progress Payment may include: 1. Conditional: A conditional waiver and release of lien upon progress payment is a document that becomes effective only when the claimant receives the actual payment amount specified in the waiver. 2. Unconditional: An unconditional waiver and release of lien upon progress payment is a document that relinquishes the claimant's right to file a lien or claim against the property upon receipt of the progress payment. It becomes effective immediately, regardless of whether the payment has been cleared or received. 3. Partial Unconditional: This type of waiver and release is used when the claimant has received a partial payment for the work or materials provided. It releases the claimant's lien or claim rights only to the extent of the partial payment received, while preserving the right to claim any remaining amount. 4. Final Unconditional: A final unconditional waiver and release of lien upon progress payment is issued when the claimant receives the final payment for the completed project. It signifies the full and final settlement, releasing all the claimant's lien and claim rights against the property. It is essential for all parties involved in a construction project in Wake, North Carolina, to understand the specific type of waiver and release being used, as each type has different implications and potential risks. Furthermore, it is advisable to consult with an attorney to ensure the accuracy and legality of the Wake North Carolina Unconditional Waiver and Release of Lien Upon Progress Payment document to protect one's rights and interests thoroughly.A Wake North Carolina Unconditional Waiver and Release of Lien Upon Progress Payment is a legal document that serves as a written agreement between a contractor, subcontractor, or supplier (referred to as the "claimant") and the property owner or general contractor (referred to as the "owner"). This waiver is typically used in the construction industry to release any potential lien or claim rights that the claimant may have over a property when a progress payment is made. The purpose of the Wake North Carolina Unconditional Waiver and Release of Lien Upon Progress Payment is to provide assurance to the owner that the claimant has received payment for the work or materials provided, and to protect the owner from any future liens or claims related to that specific payment. It establishes a legal agreement that the claimant will no longer have the right to pursue a lien or claim against the property for the specific progress payment amount. Some types or variations of Wake North Carolina Unconditional Waiver and Release of Lien Upon Progress Payment may include: 1. Conditional: A conditional waiver and release of lien upon progress payment is a document that becomes effective only when the claimant receives the actual payment amount specified in the waiver. 2. Unconditional: An unconditional waiver and release of lien upon progress payment is a document that relinquishes the claimant's right to file a lien or claim against the property upon receipt of the progress payment. It becomes effective immediately, regardless of whether the payment has been cleared or received. 3. Partial Unconditional: This type of waiver and release is used when the claimant has received a partial payment for the work or materials provided. It releases the claimant's lien or claim rights only to the extent of the partial payment received, while preserving the right to claim any remaining amount. 4. Final Unconditional: A final unconditional waiver and release of lien upon progress payment is issued when the claimant receives the final payment for the completed project. It signifies the full and final settlement, releasing all the claimant's lien and claim rights against the property. It is essential for all parties involved in a construction project in Wake, North Carolina, to understand the specific type of waiver and release being used, as each type has different implications and potential risks. Furthermore, it is advisable to consult with an attorney to ensure the accuracy and legality of the Wake North Carolina Unconditional Waiver and Release of Lien Upon Progress Payment document to protect one's rights and interests thoroughly.
