This form is a sample agreement between the owner of property and the contractor agreeing that acceptance by contractor of late payments as described in the agreement do not constitute a waiver of the right to receive timely payments pursuant to the agreement in the future.
Chicago Illinois Non-Waiver Agreement between Contractor and Owner Regarding Accepting Late Payments is a legally binding contract that outlines the terms and conditions when the contractor agrees to accept delayed payments from the owner. This agreement ensures that both parties understand their rights and responsibilities when dealing with late payments. The following are the different types of Chicago Illinois Non-Waiver Agreement between Contractor and Owner Regarding Accepting Late Payments: 1. Standard Non-Waiver Agreement: This is the most common type of agreement where the contractor and owner agree to specific terms regarding late payments. It lays out the conditions under which the contractor may accept late payments and emphasizes that accepting such payments does not waive the contractor's right to demand prompt payment in the future. 2. Extended Late Payment Agreement: In certain cases, the contractor and owner may agree to an extended period for late payments due to financial constraints or unforeseen circumstances. This agreement outlines the terms for accepting delayed payments beyond the agreed-upon timeline and provides guidelines on how the owner shall compensate for the delay. 3. Partial Payment Agreement: Sometimes, instead of rejecting partial payments, the contractor and owner may choose to enter into a non-waiver agreement specifically for partial payments. It establishes conditions under which the contractor can accept partial payments without waiving their rights to pursue the full payment in the future. 4. Lump Sum Agreement: In situations where the owner anticipates difficulty in making regular payments, the contractor and owner may opt for a lump sum agreement. This agreement allows the owner to make a one-time, delayed payment for a specified period, provided that the contractor agrees not to waive their rights to pursue payment for the services provided. 5. Installment Agreement: When the owner is unable to make immediate payments, an installment agreement may be put in place. This agreement allows the contractor to accept payments in installments over a specified period, with clear terms delineating the consequences of missed or delayed payments. The Chicago Illinois Non-Waiver Agreement between Contractor and Owner Regarding Accepting Late Payments safeguards the interests of both parties by establishing clear guidelines for late payment acceptance. It ensures that accepting late payments does not waive the contractor's right to pursue prompt payment and defines the consequences of delayed or missed payments. It is crucial for both the contractor and the owner to carefully review and understand the specific type of non-waiver agreement they are entering into to avoid any misunderstandings or disputes in the future.Chicago Illinois Non-Waiver Agreement between Contractor and Owner Regarding Accepting Late Payments is a legally binding contract that outlines the terms and conditions when the contractor agrees to accept delayed payments from the owner. This agreement ensures that both parties understand their rights and responsibilities when dealing with late payments. The following are the different types of Chicago Illinois Non-Waiver Agreement between Contractor and Owner Regarding Accepting Late Payments: 1. Standard Non-Waiver Agreement: This is the most common type of agreement where the contractor and owner agree to specific terms regarding late payments. It lays out the conditions under which the contractor may accept late payments and emphasizes that accepting such payments does not waive the contractor's right to demand prompt payment in the future. 2. Extended Late Payment Agreement: In certain cases, the contractor and owner may agree to an extended period for late payments due to financial constraints or unforeseen circumstances. This agreement outlines the terms for accepting delayed payments beyond the agreed-upon timeline and provides guidelines on how the owner shall compensate for the delay. 3. Partial Payment Agreement: Sometimes, instead of rejecting partial payments, the contractor and owner may choose to enter into a non-waiver agreement specifically for partial payments. It establishes conditions under which the contractor can accept partial payments without waiving their rights to pursue the full payment in the future. 4. Lump Sum Agreement: In situations where the owner anticipates difficulty in making regular payments, the contractor and owner may opt for a lump sum agreement. This agreement allows the owner to make a one-time, delayed payment for a specified period, provided that the contractor agrees not to waive their rights to pursue payment for the services provided. 5. Installment Agreement: When the owner is unable to make immediate payments, an installment agreement may be put in place. This agreement allows the contractor to accept payments in installments over a specified period, with clear terms delineating the consequences of missed or delayed payments. The Chicago Illinois Non-Waiver Agreement between Contractor and Owner Regarding Accepting Late Payments safeguards the interests of both parties by establishing clear guidelines for late payment acceptance. It ensures that accepting late payments does not waive the contractor's right to pursue prompt payment and defines the consequences of delayed or missed payments. It is crucial for both the contractor and the owner to carefully review and understand the specific type of non-waiver agreement they are entering into to avoid any misunderstandings or disputes in the future.
