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 San Jose California Non-Waiver Agreement between Contractor and Owner Regarding Accepting Late Payments is a contractual arrangement that outlines the terms and conditions for accepting late payments in a construction project. This agreement acts as a safeguard for contractors and owners in the event of delayed payments, ensuring that rights and obligations are clearly defined. By incorporating relevant keywords, let's delve into a detailed description of this agreement and explore possible variations. San Jose, California, is a vibrant city located in the heart of Silicon Valley. Known for its booming tech industry and diverse cultural scene, San Jose provides a thriving economic environment for various sectors, including construction. In construction projects, it is common for payment delays occurring due to unforeseen circumstances or financial constraints faced by the owner. To address such situations and maintain a healthy working relationship, a San Jose California Non-Waiver Agreement between Contractor and Owner Regarding Accepting Late Payments is executed. This agreement ensures that both parties understand their rights, responsibilities, and potential consequences associated with accepting late payments. Key terms encompassed within this agreement include: 1. Payment Schedule: This outlines the agreed-upon dates and amounts for payment installments throughout the project duration. 2. Late Payment Clause: Specifies the period after which a payment is considered late and any additional penalties or interest imposed. 3. Notification Process: Defines the procedure for notifying the contractor about the delayed payment and the timeline within which the owner must provide the overdue payment. 4. Waiver of Rights: Clarifies that accepting late payments on specific occasions does not waive the contractor's ability to collect future late payment penalties according to the agreement. 5. Dispute Resolution: Outlines the dispute resolution mechanisms, such as mediation or arbitration, to settle any conflicts arising from non-payment situations. While the core elements remain consistent, there may be different types of San Jose California Non-Waiver Agreements between Contractor and Owner Regarding Accepting Late Payments. Some possible variations include: 1. Standard Non-Waiver Agreement: A generic agreement that serves as a baseline, addressing common late payment scenarios. 2. Tailored Non-Waiver Agreement: Customized to suit the specific needs of a particular construction project, accounting for project size, complexity, and other unique factors. 3. Lump-Sum Payment Variation: An agreement that pertains to projects where a single lump-sum payment is expected for the completed work, rather than progressive installments. 4. Material Supplier Specific Agreement: A specialized agreement designed for contractors who procure materials from suppliers who may have different payment terms, ensuring all parties involved are protected. In conclusion, a San Jose California Non-Waiver Agreement between Contractor and Owner Regarding Accepting Late Payments safeguards contractors and owners engaged in construction projects against potential payment delays. By incorporating relevant keywords and exploring variations, this description provides a comprehensive overview of the agreement's purpose and its possible types in the context of San Jose, California.A San Jose California Non-Waiver Agreement between Contractor and Owner Regarding Accepting Late Payments is a contractual arrangement that outlines the terms and conditions for accepting late payments in a construction project. This agreement acts as a safeguard for contractors and owners in the event of delayed payments, ensuring that rights and obligations are clearly defined. By incorporating relevant keywords, let's delve into a detailed description of this agreement and explore possible variations. San Jose, California, is a vibrant city located in the heart of Silicon Valley. Known for its booming tech industry and diverse cultural scene, San Jose provides a thriving economic environment for various sectors, including construction. In construction projects, it is common for payment delays occurring due to unforeseen circumstances or financial constraints faced by the owner. To address such situations and maintain a healthy working relationship, a San Jose California Non-Waiver Agreement between Contractor and Owner Regarding Accepting Late Payments is executed. This agreement ensures that both parties understand their rights, responsibilities, and potential consequences associated with accepting late payments. Key terms encompassed within this agreement include: 1. Payment Schedule: This outlines the agreed-upon dates and amounts for payment installments throughout the project duration. 2. Late Payment Clause: Specifies the period after which a payment is considered late and any additional penalties or interest imposed. 3. Notification Process: Defines the procedure for notifying the contractor about the delayed payment and the timeline within which the owner must provide the overdue payment. 4. Waiver of Rights: Clarifies that accepting late payments on specific occasions does not waive the contractor's ability to collect future late payment penalties according to the agreement. 5. Dispute Resolution: Outlines the dispute resolution mechanisms, such as mediation or arbitration, to settle any conflicts arising from non-payment situations. While the core elements remain consistent, there may be different types of San Jose California Non-Waiver Agreements between Contractor and Owner Regarding Accepting Late Payments. Some possible variations include: 1. Standard Non-Waiver Agreement: A generic agreement that serves as a baseline, addressing common late payment scenarios. 2. Tailored Non-Waiver Agreement: Customized to suit the specific needs of a particular construction project, accounting for project size, complexity, and other unique factors. 3. Lump-Sum Payment Variation: An agreement that pertains to projects where a single lump-sum payment is expected for the completed work, rather than progressive installments. 4. Material Supplier Specific Agreement: A specialized agreement designed for contractors who procure materials from suppliers who may have different payment terms, ensuring all parties involved are protected. In conclusion, a San Jose California Non-Waiver Agreement between Contractor and Owner Regarding Accepting Late Payments safeguards contractors and owners engaged in construction projects against potential payment delays. By incorporating relevant keywords and exploring variations, this description provides a comprehensive overview of the agreement's purpose and its possible types in the context of San Jose, California.
