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 commonly used in the construction industry in West Jordan, Utah. This waiver signifies that a contractor or subcontractor has received a payment for work completed to date or materials supplied, and agrees to waive their right to file a future mechanics lien or claim against the property owner or general contractor for the amount specified in the waiver. In West Jordan, Utah, there are primarily two types of conditional waivers and releases upon progress payment for corporations or limited liability companies (LCS). These are: 1. West Jordan Utah Conditional Waiver and Release Upon Progress Payment — Partial: This type of waiver is used when a contractor or subcontractor receives a partial payment for work completed or materials supplied. It acknowledges the receipt of a specific amount and waives the right to file a lien for that particular payment, but not for any outstanding amounts. 2. West Jordan Utah Conditional Waiver and Release Upon Progress Payment — Final: This waiver is utilized when the contractor or subcontractor receives the final payment for the project. It signifies that all outstanding payments have been made, and the party signing the waiver waives their right to file any future lien or claim against the property owner or general contractor for the entire project amount. These conditional waivers and releases upon progress payment are important legal documents that protect both the contractors and property owners. By signing these waivers, contractors acknowledge the receipt of payment and release the property owner or general contractor from any future claims related to the specified payment or the entire project, depending on the type of waiver used. It's essential to understand that these waivers are typically exchanged between parties when progress payments are made, ensuring transparency and clear communication regarding payment obligations and rights. Contractors and subcontractors are advised to consult with legal professionals or seek guidance from industry experts to properly draft and execute these documents to safeguard their interests.A conditional waiver and release upon progress payment is a legal document commonly used in the construction industry in West Jordan, Utah. This waiver signifies that a contractor or subcontractor has received a payment for work completed to date or materials supplied, and agrees to waive their right to file a future mechanics lien or claim against the property owner or general contractor for the amount specified in the waiver. In West Jordan, Utah, there are primarily two types of conditional waivers and releases upon progress payment for corporations or limited liability companies (LCS). These are: 1. West Jordan Utah Conditional Waiver and Release Upon Progress Payment — Partial: This type of waiver is used when a contractor or subcontractor receives a partial payment for work completed or materials supplied. It acknowledges the receipt of a specific amount and waives the right to file a lien for that particular payment, but not for any outstanding amounts. 2. West Jordan Utah Conditional Waiver and Release Upon Progress Payment — Final: This waiver is utilized when the contractor or subcontractor receives the final payment for the project. It signifies that all outstanding payments have been made, and the party signing the waiver waives their right to file any future lien or claim against the property owner or general contractor for the entire project amount. These conditional waivers and releases upon progress payment are important legal documents that protect both the contractors and property owners. By signing these waivers, contractors acknowledge the receipt of payment and release the property owner or general contractor from any future claims related to the specified payment or the entire project, depending on the type of waiver used. It's essential to understand that these waivers are typically exchanged between parties when progress payments are made, ensuring transparency and clear communication regarding payment obligations and rights. Contractors and subcontractors are advised to consult with legal professionals or seek guidance from industry experts to properly draft and execute these documents to safeguard their interests.
