This Conditional Waiver and Release of Claim 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 an owner of property. This Conditional Waiver and Release of Lien Upon Progress Payment is conditioned upon the lien claimant receiving collected funds for the work described, 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.
The Fargo North Dakota Conditional Waiver and Release of Claim of Lien Upon Progress Payment is a legal document that plays a crucial role in the construction industry. It is a written agreement between a contractor, subcontractor, or supplier (known as the lien claimant) and the property owner or general contractor. This document is used to waive the lien claimant's right to file a claim of lien against the property upon receiving a progress payment. By signing the Fargo North Dakota Conditional Waiver and Release of Claim of Lien Upon Progress Payment, the lien claimant acknowledges that they have received a specific payment for the work or materials provided on the construction project. It is important to note that this waiver only applies to the payment mentioned in the document, and it does not waive any rights to future payments or claims for additional amounts. This conditional waiver and release help streamline the payment process, provide transparency, and mitigate the risk of potential disputes or legal actions. It protects all parties involved, ensuring a smoother construction project execution. Both the lien claimant and the property owner or general contractor benefit from this agreement as it fosters trust, open communication, and timely payments. It is crucial to mention that there are two types of Fargo North Dakota Conditional Waiver and Release of Claim of Lien Upon Progress Payment: 1. Conditional Waiver and Release on Progress Payment: This type of waiver is used when the lien claimant has received a progress payment but wants to secure their right to file a claim of lien for potential future payments or amounts that are unpaid. 2. Unconditional Waiver and Release on Progress Payment: This second type of waiver is employed when the lien claimant has received a progress payment and wishes to waive their right to file a claim of lien for both the payment received and any future unpaid amounts related to the specific payment. In conclusion, the Fargo North Dakota Conditional Waiver and Release of Claim of Lien Upon Progress Payment is a vital legal document used in the construction industry to waive the right to file a claim of lien upon receiving a progress payment. It ensures clarity, facilitates timely payments, and minimizes the likelihood of disputes. The two types of waivers available, conditional and unconditional, offer flexibility in addressing different payment scenarios.
The Fargo North Dakota Conditional Waiver and Release of Claim of Lien Upon Progress Payment is a legal document that plays a crucial role in the construction industry. It is a written agreement between a contractor, subcontractor, or supplier (known as the lien claimant) and the property owner or general contractor. This document is used to waive the lien claimant's right to file a claim of lien against the property upon receiving a progress payment. By signing the Fargo North Dakota Conditional Waiver and Release of Claim of Lien Upon Progress Payment, the lien claimant acknowledges that they have received a specific payment for the work or materials provided on the construction project. It is important to note that this waiver only applies to the payment mentioned in the document, and it does not waive any rights to future payments or claims for additional amounts. This conditional waiver and release help streamline the payment process, provide transparency, and mitigate the risk of potential disputes or legal actions. It protects all parties involved, ensuring a smoother construction project execution. Both the lien claimant and the property owner or general contractor benefit from this agreement as it fosters trust, open communication, and timely payments. It is crucial to mention that there are two types of Fargo North Dakota Conditional Waiver and Release of Claim of Lien Upon Progress Payment: 1. Conditional Waiver and Release on Progress Payment: This type of waiver is used when the lien claimant has received a progress payment but wants to secure their right to file a claim of lien for potential future payments or amounts that are unpaid. 2. Unconditional Waiver and Release on Progress Payment: This second type of waiver is employed when the lien claimant has received a progress payment and wishes to waive their right to file a claim of lien for both the payment received and any future unpaid amounts related to the specific payment. In conclusion, the Fargo North Dakota Conditional Waiver and Release of Claim of Lien Upon Progress Payment is a vital legal document used in the construction industry to waive the right to file a claim of lien upon receiving a progress payment. It ensures clarity, facilitates timely payments, and minimizes the likelihood of disputes. The two types of waivers available, conditional and unconditional, offer flexibility in addressing different payment scenarios.
