This Conditional Waiver and Release of Claim of Lien Upon Progress Payment form is for use by a lienor in consideration of a certain sum 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 the owner of property. This Conditional Waiver and Release of Lien Upon Progress Payment is conditioned upon the lienor receiving collected funds for the described work, and if such funds are not received within a particular number of days of the date of this waiver, this Conditional Waiver and Release of Lien is void.
In Sioux Falls, South Dakota, a Conditional Waiver and Release of Claim of Lien Upon Progress Payment is an important legal document that serves to protect the rights and interests of parties involved in construction projects. This document is commonly used in the construction industry to ensure smooth progress payments and resolve potential lien claims. The Conditional Waiver and Release of Claim of Lien Upon Progress Payment in Sioux Falls, South Dakota is specifically designed to provide conditional protection to the party releasing the claim of lien. By signing this waiver, a contractor, subcontractor, or material supplier (known as the "claimant") acknowledges receiving a progress payment and releases their right to file a lien for the amount covered by that payment. This waiver comes into effect only when the progress payment has been confirmed, and it explicitly states that the claimant retains the right to file a lien if further payments are not made. It is important to note that the waiver is conditional and only covers the specific payment indicated in the document. Sioux Falls, South Dakota also recognizes different types of Conditional Waivers and Releases of Claim of Lien Upon Progress Payment, depending on the role of the party involved. These include: 1. Contractor's Conditional Waiver and Release: This document is used when a general contractor acknowledges receiving a progress payment from the property owner or developer and releases their right to file a lien for that specific payment. 2. Subcontractor's Conditional Waiver and Release: This waiver is utilized when a subcontractor acknowledges receiving a progress payment from the general contractor and releases their right to file a lien for that specific payment. 3. Material Supplier's Conditional Waiver and Release: This document is employed when a material supplier acknowledges receiving payment from the general contractor, subcontractor, or property owner and releases their right to file a lien for that specific payment. The Sioux Falls South Dakota Conditional Waiver and Release of Claim of Lien Upon Progress Payment is a crucial tool in ensuring the smooth progression of construction projects, protecting the interests of all parties involved. It promotes transparency and encourages timely payments, making it an essential component of the construction industry in Sioux Falls.
