This Conditional Waiver and Release of Claim of Lien Upon Final Payment is for use by a lienor in consideration of final payment 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 Final Payment is conditioned upon the lienor receiving collected funds for the described work, and if these 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.
Title: Understanding the Eugene Oregon Conditional Waiver and Release of Claim of Lien Upon Final Payment Introduction: In Eugene, Oregon, the Conditional Waiver and Release of Claim of Lien Upon Final Payment form is an essential document used in construction projects. It serves as a legally binding agreement between the contractor and the property owner, protecting the owner from potential liens arising from non-payment to subcontractors or suppliers. This article provides a comprehensive description of the Eugene Oregon Conditional Waiver and Release of Claim of Lien Upon Final Payment, including its purpose, types, and key elements. Keywords: Eugene Oregon, Conditional Waiver and Release of Claim of Lien Upon Final Payment, construction, property owner, subcontractors, suppliers. 1. Purpose of Conditional Waiver and Release of Claim of Lien: The primary purpose of the Eugene Oregon Conditional Waiver and Release of Claim of Lien Upon Final Payment is to protect property owners from potential liens that subcontractors or suppliers might place on the property due to non-payment. This document helps facilitate smooth transactions and ensures that all parties involved in the construction project receive their rightful payment. Keywords: purpose, protect property owners, potential liens, subcontractors, suppliers, construction project. 2. Types of Eugene Oregon Conditional Waiver and Release of Claim of Lien: a) Partial Conditional Waiver and Release of Claim of Lien Upon Final Payment: This type of waiver is used when the contractor acknowledges receiving partial payment and agrees to release the property owner from any claims of lien for the amount received. Keywords: Partial Conditional Waiver and Release of Claim of Lien, contractor, partial payment, release, property owner, claims of lien. b) Unconditional Conditional Waiver and Release of Claim of Lien Upon Final Payment: This type of waiver is used when the contractor has received the final payment and agrees to waive any future claims of lien against the property owner. Keywords: Unconditional Conditional Waiver and Release of Claim of Lien, contractor, final payment, waive, future claims of lien, property owner. 3. Key Elements of the Eugene Oregon Conditional Waiver and Release of Claim of Lien: a) Description of Parties: The waiver should clearly state the names and contact information of the contractor, property owner, and any other necessary parties involved in the construction project. Keywords: parties, contractor, property owner, contact information, construction project. b) Project Description: A detailed description of the construction project, including the property address or legal description, is essential to identify the scope of work covered by the waiver. Keywords: project description, construction project, property address, legal description, scope of work. c) Amount of Payment: The conditional waiver should specify the amount of payment received by the contractor, whether it is partial or final. Keywords: amount of payment, partial or final, contractor. d) Statement of Release: The document should include a clear and concise statement in which the contractor acknowledges receiving payment and waives any rights to file a lien against the property owner. Keywords: statement of release, payment acknowledgment, waiver, lien rights, property owner. e) Signatures and Dates: The waiver must be signed and dated by all relevant parties involved, indicating their agreement to the terms stated within the document. Keywords: signatures, dates, relevant parties, agreement, terms. Conclusion: The Eugene Oregon Conditional Waiver and Release of Claim of Lien Upon Final Payment serves as a crucial document in construction projects, ensuring that contractors receive payment while protecting property owners from potential liens. Understanding the different types and key elements of this waiver helps all parties involved in the project maintain transparency and accountability. Keywords: Eugene Oregon, conditional waiver, release of claim of lien, construction projects, contractors, property owners, transparency, accountability.
