Waco Texas Conditional Waiver and Release of Lien on Progress Payment by Claimant - Mechanics Liens - Individual

State:
Texas
City:
Waco
Control #:
TX-05-09
Format:
Word; 
Rich Text
Instant download

Description

When a debt for labor or materials is satisfied or paid by collected funds, the person who furnished the labor or materials shall, not later than the 10th day after the date of receipt of a written request, furnish to the requesting person a release of the indebtedness and any lien claimed, to the extent of the indebtedness paid. An owner, the original contractor, or any person making the payment may request the release.

The Waco Texas Conditional Waiver and Release of Lien on Progress Payment by Claimant is a legal document used in the mechanics lien process by individuals who have provided labor, materials, or services for the improvement of a property in Waco, Texas. This waiver acts as a receipt for partial payment and offers conditional release of the claimant's lien rights upon receiving the specific payment amount. By executing this conditional waiver and release, the claimant acknowledges that they have received partial payment for the work done on the project. It is crucial for claimants to clearly understand the terms and conditions stipulated within the waiver before signing it, as it may affect their rights to future payment. Some important keywords relevant to this topic include: — Waco Texas: Refers to the specific location where the mechanics lien process is taking place. — Conditional Waiver: Indicates that the release of lien rights is contingent upon receiving a progress payment. — Release of Lien: Involves relinquishing the claimant's right to file a lien against the property in exchange for payment. — Progress Payment: Entails partial payment made during the course of a construction project. — Claimant: The individual or entity asserting a mechanics lien on the property for unpaid labor, materials, or services. — Mechanics Liens: Legal claims filed by contractors, subcontractors, or suppliers against a property to secure payment for contributed work or materials. In addition, there may be different types of conditional waivers and releases depending on the specific circumstances or stage of the construction project. Common variations include: 1. Conditional Waiver and Release upon Progress Payment: This type of waiver is used when the claimant receives a partial payment for work completed at a specific stage of the project. 2. Unconditional Waiver and Release upon Progress Payment: This waiver is employed when the claimant receives full payment for the work done up to a particular point in the project, thereby relinquishing their lien rights entirely. 3. Conditional Final Waiver and Release: This waiver is executed when the claimant is making their final progress payment and wants to conditionally release their lien rights upon receiving the agreed-upon amount. 4. Unconditional Final Waiver and Release: This variation is utilized when the claimant is receiving full and final payment for the entire project, thereby waiving their lien rights completely. It is important for individuals involved in the mechanics lien process within Waco, Texas, to understand the specific waiver type they are signing and consult legal professionals if they have any doubts or concerns.

The Waco Texas Conditional Waiver and Release of Lien on Progress Payment by Claimant is a legal document used in the mechanics lien process by individuals who have provided labor, materials, or services for the improvement of a property in Waco, Texas. This waiver acts as a receipt for partial payment and offers conditional release of the claimant's lien rights upon receiving the specific payment amount. By executing this conditional waiver and release, the claimant acknowledges that they have received partial payment for the work done on the project. It is crucial for claimants to clearly understand the terms and conditions stipulated within the waiver before signing it, as it may affect their rights to future payment. Some important keywords relevant to this topic include: — Waco Texas: Refers to the specific location where the mechanics lien process is taking place. — Conditional Waiver: Indicates that the release of lien rights is contingent upon receiving a progress payment. — Release of Lien: Involves relinquishing the claimant's right to file a lien against the property in exchange for payment. — Progress Payment: Entails partial payment made during the course of a construction project. — Claimant: The individual or entity asserting a mechanics lien on the property for unpaid labor, materials, or services. — Mechanics Liens: Legal claims filed by contractors, subcontractors, or suppliers against a property to secure payment for contributed work or materials. In addition, there may be different types of conditional waivers and releases depending on the specific circumstances or stage of the construction project. Common variations include: 1. Conditional Waiver and Release upon Progress Payment: This type of waiver is used when the claimant receives a partial payment for work completed at a specific stage of the project. 2. Unconditional Waiver and Release upon Progress Payment: This waiver is employed when the claimant receives full payment for the work done up to a particular point in the project, thereby relinquishing their lien rights entirely. 3. Conditional Final Waiver and Release: This waiver is executed when the claimant is making their final progress payment and wants to conditionally release their lien rights upon receiving the agreed-upon amount. 4. Unconditional Final Waiver and Release: This variation is utilized when the claimant is receiving full and final payment for the entire project, thereby waiving their lien rights completely. It is important for individuals involved in the mechanics lien process within Waco, Texas, to understand the specific waiver type they are signing and consult legal professionals if they have any doubts or concerns.

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Waco Texas Conditional Waiver and Release of Lien on Progress Payment by Claimant - Mechanics Liens - Individual