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 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.
Bronx, New York Conditional Waiver and Release of Lien Upon Progress Payment is a legal document used in the construction industry to release a contractor or subcontractor's right to file a lien against a property, once a progress payment is received. This waiver ensures that contractors and subcontractors are paid in a timely manner and mitigates the risk of liens being placed on the property. The Bronx, New York area, like many other regions, has different types of conditional waivers and releases of lien upon progress payment. These types include: 1. Final Conditional Waiver and Release of Lien Upon Progress Payment: This waiver is used when the contractor or subcontractor receives the final payment for their work on a project. By signing this waiver, they acknowledge that they have been paid in full and waive their right to place a lien on the property. 2. Partial Conditional Waiver and Release of Lien Upon Progress Payment: This type of waiver is used when a contractor or subcontractor receives a partial payment for their work, usually during different stages of the project. By signing this waiver, they waive their right to file a lien only for the amount of payment received, while preserving their right to claim a lien for any remaining unpaid balance. 3. Unconditional Waiver and Release of Lien Upon Progress Payment: This waiver is typically used when a contractor or subcontractor has been paid in full for the work performed. By signing this waiver, they unconditionally release their right to file a lien on the property, irrespective of any remaining unpaid balance. These waivers are crucial in construction projects as they provide a level of protection for property owners, developers, and general contractors against the potential risks associated with contractors or subcontractors claiming a lien for unpaid work. Each waiver serves a specific purpose and should be carefully reviewed and executed by the relevant parties to ensure compliance with Bronx, New York's laws and regulations. It is essential to consult a legal professional experienced in construction law when dealing with conditional waivers and releases of lien upon progress payment, to ensure that all guidelines are followed accurately and to protect the rights and interests of all parties involved.
Bronx, New York Conditional Waiver and Release of Lien Upon Progress Payment is a legal document used in the construction industry to release a contractor or subcontractor's right to file a lien against a property, once a progress payment is received. This waiver ensures that contractors and subcontractors are paid in a timely manner and mitigates the risk of liens being placed on the property. The Bronx, New York area, like many other regions, has different types of conditional waivers and releases of lien upon progress payment. These types include: 1. Final Conditional Waiver and Release of Lien Upon Progress Payment: This waiver is used when the contractor or subcontractor receives the final payment for their work on a project. By signing this waiver, they acknowledge that they have been paid in full and waive their right to place a lien on the property. 2. Partial Conditional Waiver and Release of Lien Upon Progress Payment: This type of waiver is used when a contractor or subcontractor receives a partial payment for their work, usually during different stages of the project. By signing this waiver, they waive their right to file a lien only for the amount of payment received, while preserving their right to claim a lien for any remaining unpaid balance. 3. Unconditional Waiver and Release of Lien Upon Progress Payment: This waiver is typically used when a contractor or subcontractor has been paid in full for the work performed. By signing this waiver, they unconditionally release their right to file a lien on the property, irrespective of any remaining unpaid balance. These waivers are crucial in construction projects as they provide a level of protection for property owners, developers, and general contractors against the potential risks associated with contractors or subcontractors claiming a lien for unpaid work. Each waiver serves a specific purpose and should be carefully reviewed and executed by the relevant parties to ensure compliance with Bronx, New York's laws and regulations. It is essential to consult a legal professional experienced in construction law when dealing with conditional waivers and releases of lien upon progress payment, to ensure that all guidelines are followed accurately and to protect the rights and interests of all parties involved.
