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 Phoenix Arizona Non-Waiver Agreement between a contractor and owner is a legally binding document that outlines the terms and conditions associated with accepting late payments. This agreement is essential for both parties involved in a construction project, as it sets forth the rights and obligations in the event of late payments. The purpose of the agreement is to protect the contractor's rights to timely payment while allowing the owner to seek an extension or make alternative arrangements in certain circumstances. In Phoenix, Arizona, there are primarily two different types of Non-Waiver Agreements that contractors and owners may enter into regarding late payments: 1. Standard Non-Waiver Agreement: This type of agreement establishes the general framework for both parties. It typically includes clauses that specify the due dates for payments, the consequences of late payments, and any applicable interest or penalty charges. The agreement also states that accepting late payments under designated circumstances (as outlined within the agreement) does not waive the contractor's rights to insist on timely payments in the future. 2. Conditional Non-Waiver Agreement: In some cases, a contractor may choose to include additional conditions or provisions within the agreement before accepting late payments. These conditions might require the owner to provide a written explanation for the delay, present a suitable plan for catching up on payments, or even require the owner to post a performance bond or commit to specific collateral. This type of agreement provides added protection to contractors by ensuring that owners take appropriate steps to rectify the situation and prevent future delays. It is crucial for contractors and owners in Phoenix, Arizona, to carefully review and understand the terms and conditions within the Non-Waiver Agreement before signing. Seeking legal guidance or consulting with an attorney experienced in construction law is advisable to ensure that all provisions are fair, enforceable, and in compliance with local regulations. By entering into a Phoenix Arizona Non-Waiver Agreement regarding accepting late payments, both the contractor and owner can maintain a transparent and mutually beneficial working relationship, minimizing disputes and fostering prompt payment practices.A Phoenix Arizona Non-Waiver Agreement between a contractor and owner is a legally binding document that outlines the terms and conditions associated with accepting late payments. This agreement is essential for both parties involved in a construction project, as it sets forth the rights and obligations in the event of late payments. The purpose of the agreement is to protect the contractor's rights to timely payment while allowing the owner to seek an extension or make alternative arrangements in certain circumstances. In Phoenix, Arizona, there are primarily two different types of Non-Waiver Agreements that contractors and owners may enter into regarding late payments: 1. Standard Non-Waiver Agreement: This type of agreement establishes the general framework for both parties. It typically includes clauses that specify the due dates for payments, the consequences of late payments, and any applicable interest or penalty charges. The agreement also states that accepting late payments under designated circumstances (as outlined within the agreement) does not waive the contractor's rights to insist on timely payments in the future. 2. Conditional Non-Waiver Agreement: In some cases, a contractor may choose to include additional conditions or provisions within the agreement before accepting late payments. These conditions might require the owner to provide a written explanation for the delay, present a suitable plan for catching up on payments, or even require the owner to post a performance bond or commit to specific collateral. This type of agreement provides added protection to contractors by ensuring that owners take appropriate steps to rectify the situation and prevent future delays. It is crucial for contractors and owners in Phoenix, Arizona, to carefully review and understand the terms and conditions within the Non-Waiver Agreement before signing. Seeking legal guidance or consulting with an attorney experienced in construction law is advisable to ensure that all provisions are fair, enforceable, and in compliance with local regulations. By entering into a Phoenix Arizona Non-Waiver Agreement regarding accepting late payments, both the contractor and owner can maintain a transparent and mutually beneficial working relationship, minimizing disputes and fostering prompt payment practices.
