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.
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.
