Kings New York Conditional Waiver and Release of Lien Upon Progress Payment

State:
New York
County:
Kings
Control #:
NY-12-09
Format:
Word; 
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Description

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.

The Kings New York Conditional Waiver and Release of Lien Upon Progress Payment is a legal document used in the construction industry to protect the rights of contractors, subcontractors, and material suppliers. This waiver serves as a confirmation that the contractor or supplier has received a partial payment for their work or materials and, in return, releases their lien rights on the property. The purpose of this waiver is to provide assurance to property owners, lenders, and other interested parties that the contractor or supplier will not file a lien against the property for the amount covered by the payment received. By signing this waiver, the contractor or supplier acknowledges that they have been compensated for their work or materials supplied up to a certain point, thereby relinquishing their right to place a lien on the property for those specific materials or services. There are different types of Kings New York Conditional Waiver and Release of Lien Upon Progress Payment based on the stage of the construction project and type of payment being made: 1. Partial Payment Conditional Waiver: This waiver is used when a progress payment is being made during an ongoing construction project. It releases lien rights up to the amount of the partial payment received, but only for the specific work or materials covered by the payment. 2. Final Payment Conditional Waiver: This waiver is used when the final payment is being made to the contractor or supplier after the completion of the project. It releases all lien rights for the entire project upon receiving the final payment. 3. Conditional Waiver on Final Payment and Release of Retain age: This waiver is used when the final payment is being made, including any retain age. Retain age refers to the portion of the payment that is withheld until the completion of the project or the resolution of any pending issues. This waiver releases all lien rights, including to retain age amount, upon receiving the final payment. It is important to note that the Kings New York Conditional Waiver and Release of Lien Upon Progress Payment is a legally binding document and should be reviewed and understood by all parties involved before signing. It helps protect the interests of both the payer and the contractor or supplier, ensuring a smooth construction process and preventing potential legal disputes.

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A lien release is a document that signifies that a property owner has settled their financial obligations to a contractor or subcontractor. This release eliminates any claim the contractor had to file a lien against the property, providing security for the owner. When utilizing the Kings New York Conditional Waiver and Release of Lien Upon Progress Payment, you ensure that contractors receive the payment they are owed, while simultaneously protecting your property from future lien claims. Engaging with uslegalforms makes this process seamless and efficient.

Filling out a conditional waiver and release on progress payment requires careful attention to detail. First, you need to clearly state the property details, the parties involved, and the payment amount. You should also specify that the waiver is conditional upon receiving the payment indicated. When using the Kings New York Conditional Waiver and Release of Lien Upon Progress Payment from uslegalforms, the platform provides a user-friendly interface that guides you through each step, ensuring correctness and compliance with legal standards.

A lien waiver is a legal document that relinquishes a contractor's or subcontractor's right to file a lien against a property for unpaid work. This document is crucial in ensuring that payments are made on time, preventing future disputes over payment. In the context of the Kings New York Conditional Waiver and Release of Lien Upon Progress Payment, it confirms that a contractor has received payment for the work completed to date. By utilizing this lien waiver, property owners can protect their interests and maintain clear financial records.

Typically, you need a lien waiver after payment has been made, especially in the case of the Kings New York Conditional Waiver and Release of Lien Upon Progress Payment. This type of waiver protects the payer by ensuring that they have proof of no outstanding claims against the property once the payment is processed. It's essential to use a reliable platform, like uslegalforms, to acquire and manage these waivers efficiently, ensuring compliance and peace of mind.

A conditional lien waiver indicates that a contractor or subcontractor agrees to waive their right to assert a lien against a property, but only under certain conditions. Specifically, it becomes effective upon the receipt of payment. In the context of the Kings New York Conditional Waiver and Release of Lien Upon Progress Payment, this means that once payment is made, the waiver ensures that no liens will be filed for the work completed until that point.

Lien waivers, like the Kings New York Conditional Waiver and Release of Lien Upon Progress Payment, do not require notarization under New York law. However, in some cases, notarization may offer added protection and verification. It's beneficial to assess your unique situation and the preferences of the parties involved to decide the best course of action.

In New York, a release does not have to be notarized to be enforceable. However, obtaining a notarized release, especially for important projects, can help provide assurance and clarity. This step can be crucial in establishing trust between involved parties and safeguarding against future claims.

Waivers, including the Kings New York Conditional Waiver and Release of Lien Upon Progress Payment, do not always need to be notarized to be effective. However, notarization may add credibility and protect all parties in case of disputes. It is helpful to check your specific circumstances and whether notarization may benefit your situation.

The primary difference between a lien waiver and a lien release lies in their function. A lien waiver, like the Kings New York Conditional Waiver and Release of Lien Upon Progress Payment, prevents future claims on a property based on payment received. In contrast, a lien release removes an existing claim after a payment is completed. Understanding these distinctions helps in effective documentation management.

In New York, lien waivers, such as the Kings New York Conditional Waiver and Release of Lien Upon Progress Payment, do not necessarily need to be notarized to be valid. However, notarization can provide an additional layer of security and verification for all parties involved. It’s always a good practice to confirm any specific requirements related to your project.

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This form is useful when the claimant is not yet paid, but will be paid out of a progress payment that is not the final payment. This document waives and releases lien, stop payment notice, and payment bond rights the claimant has.No Lien Affidavit attesting to the payment of employees. Bedford are exempt from the payment of New York State Sales or compensatory use taxes. Unconditional Waiver and Release on Progress Payment. It is an inherent vagary in the lien release law. Changes in the Work. YELLOW cards from the containers on the wall outside of Council Chamber, fill it out as directed, and present it to the Clerk. Missing: Kings ‎New ‎York Bail Bondsman: A person who gets paid to put up the money for bail to allow a witness or defendant to be released from custody.

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Kings New York Conditional Waiver and Release of Lien Upon Progress Payment