This Conditional Waiver and Release Upon Final Payment is for use by an individual upon receipt of payment to release and waive any notice of lien, any private bond right, any claim for payment and any rights under any similar ordinance, rule or statute
related to payment rights that he or she has on the property. This release covers the final payment to the lien claimant for all work, materials or equipment furnished by the lien claimant to the property or to the lien claimant's customer and does not cover payment for disputed claims, if any. The lien claimant warrants that he or she either has already paid or will use the money he or she receives from the final payment promptly to pay in full all his or her laborers, subcontractors, materialmen and suppliers for all work, materials or equipment that are the subject of this waiver and release.
North Las Vegas Nevada Conditional Waiver and Release Upon Final Payment — Individual is a legal document that serves as a protection for contractors and subcontractors in the construction industry. It acts as a written proof that the party has received the final payment for the work completed, thus releasing any potential claims for payment against the property owner. In North Las Vegas, Nevada, there are several types of Conditional Waiver and Release Upon Final Payment — Individual based on specific circumstances and parties involved. These types include: 1. General Conditional Waiver and Release Upon Final Payment — Individual: This type is used when a contractor or subcontractor is ready to receive the final payment and relinquish any potential claims. 2. Conditional Waiver and Release Upon Final Payment With a Required To be Sworn Statement — Individual: This type is utilized when the amount owed exceeds a certain threshold specified by the Nevada Revised Statutes. Along with the waiver, the contractor or subcontractor must provide a sworn statement detailing the materials, labor, and other expenses incurred. 3. Conditional Waiver and Release Upon Final Payment for Progress Payments — Individual: This waiver is used in situations where payments are made in installments throughout the project's duration. It confirms the release of claims for each specific progress payment received. 4. Partial Conditional Waiver and Release Upon Final Payment — Individual: This type is applicable when a contractor or subcontractor receives partial payment for the work completed. It assures that the remaining payment is the subject of the waiver, with no further claims against the property owner. The aforementioned waiver types are crucial to protect the contractor or subcontractor's rights and interests, ensuring fair payment for the services rendered. It is crucial to understand the specific waiver type applicable to a given situation and ensure its proper execution to avoid any legal disputes or payment-related issues.
