This Conditional Waiver and Release Upon Progress Payment form is for use by a corporate 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.
A Conditional Waiver and Release Upon Progress Payment is a legal document specific to Salt Lake City, Utah, that is commonly used by corporations or limited liability companies (LCS) involved in construction or similar projects. This waiver serves as a means for contractors, subcontractors, and suppliers to release the right to file a claim or a lien against a property owner upon receiving progress payments. Keywords: Salt Lake City, Utah, Conditional Waiver and Release Upon Progress Payment, Corporation, LLC, construction projects, contractors, subcontractors, suppliers, claim, lien, property owner. There are various types of Conditional Waiver and Release Upon Progress Payment depending on the specific circumstance or party involved. Here are a few examples: 1. Conditional Waiver and Release Upon Progress Payment — Corporation: This type of waiver is specifically designed for corporations engaged in construction projects in Salt Lake City, Utah. It allows a corporation to release its right to file a claim or a lien against a property owner in exchange for receiving a progress payment. It acts as a legal agreement between the corporation and the property owner, ensuring payment is made in a timely manner. 2. Conditional Waiver and Release Upon Progress Payment — LLC: Similar to the corporation waiver, this version is intended for limited liability companies operating in Salt Lake City, Utah. It provides an avenue for an LLC to waive its claim or lien rights upon receiving a progress payment from the property owner. This waiver ensures a smoother payment process, protects the interests of all parties, and avoids any potential disputes down the line. 3. Conditional Waiver and Release Upon Partial Progress Payment: In some cases, a construction project may involve multiple progress payments scattered throughout its duration. This type of Conditional Waiver and Release is specifically used when seeking a partial release of lien rights after receiving a portion of the payment. It is crucial to specify the percentage or amount of payment being released in this waiver, as it may not waive the full lien rights until the entire project is completed. 4. Conditional Waiver and Release Upon Final Progress Payment: Once a construction project reaches its completion, property owners often make the final progress payment. The Conditional Waiver and Release Upon Final Progress Payment is employed to release the remaining lien rights upon receiving this final payment. It certifies that all financial obligations have been met, and any potential claims or liens against the property owner are relinquished. In summary, Conditional Waiver and Release Upon Progress Payment documents play a vital role in the construction industry in Salt Lake City, Utah. They ensure timely payments while offering protection to all parties involved, including corporations and LCS seeking payment for their work and property owners aiming to avoid any future legal complications.A Conditional Waiver and Release Upon Progress Payment is a legal document specific to Salt Lake City, Utah, that is commonly used by corporations or limited liability companies (LCS) involved in construction or similar projects. This waiver serves as a means for contractors, subcontractors, and suppliers to release the right to file a claim or a lien against a property owner upon receiving progress payments. Keywords: Salt Lake City, Utah, Conditional Waiver and Release Upon Progress Payment, Corporation, LLC, construction projects, contractors, subcontractors, suppliers, claim, lien, property owner. There are various types of Conditional Waiver and Release Upon Progress Payment depending on the specific circumstance or party involved. Here are a few examples: 1. Conditional Waiver and Release Upon Progress Payment — Corporation: This type of waiver is specifically designed for corporations engaged in construction projects in Salt Lake City, Utah. It allows a corporation to release its right to file a claim or a lien against a property owner in exchange for receiving a progress payment. It acts as a legal agreement between the corporation and the property owner, ensuring payment is made in a timely manner. 2. Conditional Waiver and Release Upon Progress Payment — LLC: Similar to the corporation waiver, this version is intended for limited liability companies operating in Salt Lake City, Utah. It provides an avenue for an LLC to waive its claim or lien rights upon receiving a progress payment from the property owner. This waiver ensures a smoother payment process, protects the interests of all parties, and avoids any potential disputes down the line. 3. Conditional Waiver and Release Upon Partial Progress Payment: In some cases, a construction project may involve multiple progress payments scattered throughout its duration. This type of Conditional Waiver and Release is specifically used when seeking a partial release of lien rights after receiving a portion of the payment. It is crucial to specify the percentage or amount of payment being released in this waiver, as it may not waive the full lien rights until the entire project is completed. 4. Conditional Waiver and Release Upon Final Progress Payment: Once a construction project reaches its completion, property owners often make the final progress payment. The Conditional Waiver and Release Upon Final Progress Payment is employed to release the remaining lien rights upon receiving this final payment. It certifies that all financial obligations have been met, and any potential claims or liens against the property owner are relinquished. In summary, Conditional Waiver and Release Upon Progress Payment documents play a vital role in the construction industry in Salt Lake City, Utah. They ensure timely payments while offering protection to all parties involved, including corporations and LCS seeking payment for their work and property owners aiming to avoid any future legal complications.
