This Conditional Waiver and Release Upon Progress Payment form is for use by an individual lien claimant who is required to execute a waiver and release in exchange for or to induce the payment of a progress billing to provide information, including the property name, the property location and description, the customer, the invoice payment application number, the payment amount, and the payment period. This waiver is effective to release and the lien claimant is considered to waive any notice of lien or right under Utah Code Ann., Title 38, Chapter 1, Mechanics' Liens, or any bond right under Utah Code Ann., Title 14, Contractors' Bonds, or Section 63G-6-505 related to payment rights the lien claimant has on the property once the lien claimant endorses a check in the referenced payment amount payable to the lien claimant, and the check is paid by the depository institution on which it is drawn.
Salt Lake Utah Conditional Waiver and Release Upon Progress Payment — Individual is a legal document that is commonly used in the construction industry. It is designed to protect the interests of contractors, subcontractors, and suppliers by providing them with a form of payment security. Key elements of the Salt Lake Utah Conditional Waiver and Release Upon Progress Payment — Individual include: 1. Identifying information: The document begins by stating the names of the parties involved, including the project owner, contractor, subcontractor, and any other relevant parties. 2. Description of project: It provides a detailed description of the construction project, including its location, scope of work, and the total contract amount. 3. Waiver and release language: This section states that the subcontractor or supplier agrees to waive their right to file a mechanics lien or any other legal claim against the property, in exchange for the progress payment made by the owner or contractor. 4. Conditional nature of the waiver: The Salt Lake Utah Conditional Waiver and Release Upon Progress Payment — Individual makes it clear that the waiver and release is conditional upon the actual receipt of the payment by the subcontractor or supplier. If the payment is not made within the specified timeframe, the waiver may become void. 5. Notarization and signatures: The document requires the signatures of the subcontractor or supplier, as well as a notary public, to validate the agreement and ensure its enforceability. Types of Salt Lake Utah Conditional Waiver and Release Upon Progress Payment — Individual: 1. Conditional Progress Payment Release: This type of waiver and release is used when a subcontractor or supplier receives a payment from the project owner or contractor, and they agree to waive their right to file a lien or claim, only upon receipt of the payment. 2. Final Progress Payment Release: This type of waiver and release is used when a subcontractor or supplier receives the final payment for the completed project. By signing this document, they acknowledge that all outstanding payments have been received, and they waive their right to file any future claims. 3. Partial Progress Payment Release: This type of waiver and release is used when a subcontractor or supplier receives a partial payment, usually for completed work or a specific milestone in the project. It allows them to release their lien rights for the amount received, while still reserving rights to file future claims for any remaining unpaid amounts. In summary, the Salt Lake Utah Conditional Waiver and Release Upon Progress Payment — Individual is an important legal document used in the construction industry to protect the rights and secure payments of subcontractors and suppliers. It ensures that all parties involved are aware of their responsibilities and liabilities, while providing a framework for fair and transparent progress payments.Salt Lake Utah Conditional Waiver and Release Upon Progress Payment — Individual is a legal document that is commonly used in the construction industry. It is designed to protect the interests of contractors, subcontractors, and suppliers by providing them with a form of payment security. Key elements of the Salt Lake Utah Conditional Waiver and Release Upon Progress Payment — Individual include: 1. Identifying information: The document begins by stating the names of the parties involved, including the project owner, contractor, subcontractor, and any other relevant parties. 2. Description of project: It provides a detailed description of the construction project, including its location, scope of work, and the total contract amount. 3. Waiver and release language: This section states that the subcontractor or supplier agrees to waive their right to file a mechanics lien or any other legal claim against the property, in exchange for the progress payment made by the owner or contractor. 4. Conditional nature of the waiver: The Salt Lake Utah Conditional Waiver and Release Upon Progress Payment — Individual makes it clear that the waiver and release is conditional upon the actual receipt of the payment by the subcontractor or supplier. If the payment is not made within the specified timeframe, the waiver may become void. 5. Notarization and signatures: The document requires the signatures of the subcontractor or supplier, as well as a notary public, to validate the agreement and ensure its enforceability. Types of Salt Lake Utah Conditional Waiver and Release Upon Progress Payment — Individual: 1. Conditional Progress Payment Release: This type of waiver and release is used when a subcontractor or supplier receives a payment from the project owner or contractor, and they agree to waive their right to file a lien or claim, only upon receipt of the payment. 2. Final Progress Payment Release: This type of waiver and release is used when a subcontractor or supplier receives the final payment for the completed project. By signing this document, they acknowledge that all outstanding payments have been received, and they waive their right to file any future claims. 3. Partial Progress Payment Release: This type of waiver and release is used when a subcontractor or supplier receives a partial payment, usually for completed work or a specific milestone in the project. It allows them to release their lien rights for the amount received, while still reserving rights to file future claims for any remaining unpaid amounts. In summary, the Salt Lake Utah Conditional Waiver and Release Upon Progress Payment — Individual is an important legal document used in the construction industry to protect the rights and secure payments of subcontractors and suppliers. It ensures that all parties involved are aware of their responsibilities and liabilities, while providing a framework for fair and transparent progress payments.
