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.
A Montgomery Maryland Non-Waiver Agreement between Contractor and Owner Regarding Accepting Late Payments refers to a contractual arrangement that outlines the terms and conditions for accepting delayed payments in Montgomery County, Maryland. This agreement serves to protect the rights and obligations of both the contractor and the owner in situations where the pre-determined payment timeline is not met. There can be different types of Montgomery Maryland Non-Waiver Agreements between Contractors and Owners Regarding Accepting Late Payments, including: 1. Standard Non-Waiver Agreement: This agreement sets forth the general provisions and regulations for accepting late payments while ensuring that the contractor's rights are not waived by allowing the owner to delay payment without consequences. 2. Partial Payment Agreement: In some cases, the contractor and the owner may agree to a modified payment plan that allows for partial payments. This type of agreement addresses specific circumstances where the owner faces financial constraints but still intends to make partial payments within an extended period. 3. Extended Payment Agreement: This agreement provides a framework for extending the payment period beyond the agreed-upon date. It establishes the terms under which the contractor agrees to accept late payments, including interest calculations and potential penalties to protect the contractor's financial interests. 4. Conditional Non-Waiver Agreement: This type of agreement is usually used when a payment delay occurs due to specific external factors and the contractor and owner wish to establish certain conditions for accepting late payments. Conditions may include additional collateral, a revised payment schedule, or alternative forms of payment. Key elements typically included in a Montgomery Maryland Non-Waiver Agreement between Contractor and Owner Regarding Accepting Late Payments are: 1. Names and contact details of both the contractor and the owner 2. Clear identification of the project or services being provided 3. Payment terms, including the agreed-upon payment schedule and due dates 4. Explanation of the consequences of late payments, such as interest charges or penalties 5. Rights and obligations of both parties in case of payment delays 6. Clauses related to dispute resolution, governing law, and jurisdiction 7. Provision for amendments or modifications to the agreement 8. Signatures of both contractor and owner, indicating their consent to the terms of the agreement. It is crucial for both parties involved to thoroughly read and understand the terms of the Montgomery Maryland Non-Waiver Agreement before signing, in order to safeguard their rights and ensure a mutually beneficial working relationship throughout the project.
