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.
In West Valley City, Utah, a conditional waiver and release upon progress payment is an important legal document utilized by corporations or limited liability companies (LCS) involved in construction or property improvement projects. This document serves as a contractual agreement between the contractor or subcontractor and the property owner or developer. The purpose of the West Valley City Utah Conditional Waiver and Release Upon Progress Payment — Corporation or LLC is to provide assurance that the contractor or subcontractor will release their lien or claim against the property in exchange for receiving partial payment for their work or materials. By signing this document, the parties involved agree to certain conditions and provisions, ensuring a smooth payment process and protecting the interests of all parties. Some relevant keywords pertaining to West Valley City Utah Conditional Waiver and Release Upon Progress Payment — Corporation or LLC are: 1. West Valley City: This refers to the specific geographical location where the waiver and release document is applicable, indicating that it complies with West Valley City's jurisdiction and regulations. 2. Conditional Waiver and Release: This indicates that the release of lien or claim is contingent upon the fulfillment of specific conditions, most commonly the receipt of progress payment. 3. Progress Payment: This refers to the partial payment made to the contractor or subcontractor to reflect the progress made on the construction or improvement project. 4. Corporation or LLC: This refers to the entity type of the contractor or subcontractor involved in the project. It can be a corporation or a limited liability company, each with its own legal implications and obligations. Different types or variations of West Valley City Utah Conditional Waiver and Release Upon Progress Payment — Corporation or LLC may include: 1. Unconditional Waiver and Release Upon Progress Payment: This type of waiver and release is utilized when the contractor or subcontractor agrees to relinquish their lien or claim against the property unconditionally upon receiving progress payment. 2. Partial Conditional Waiver and Release upon Progress Payment: This type of waiver and release allows for a conditional release of lien or claim, where the contractor or subcontractor agrees to release their lien or claim against the property to the extent of the received progress payment. 3. Final Conditional Waiver and Release upon Progress Payment: This type of waiver and release is used when the contractor or subcontractor agrees to release their lien or claim against the property in full upon receiving the final progress payment, indicating the completion of the project. In summary, the West Valley City Utah Conditional Waiver and Release Upon Progress Payment — Corporation or LLC serves as a crucial legal document in construction or property improvement projects. Through its various types, it ensures a clear payment process, protects the interests of all parties involved, and help maintain a smooth flow of operations in West Valley City.In West Valley City, Utah, a conditional waiver and release upon progress payment is an important legal document utilized by corporations or limited liability companies (LCS) involved in construction or property improvement projects. This document serves as a contractual agreement between the contractor or subcontractor and the property owner or developer. The purpose of the West Valley City Utah Conditional Waiver and Release Upon Progress Payment — Corporation or LLC is to provide assurance that the contractor or subcontractor will release their lien or claim against the property in exchange for receiving partial payment for their work or materials. By signing this document, the parties involved agree to certain conditions and provisions, ensuring a smooth payment process and protecting the interests of all parties. Some relevant keywords pertaining to West Valley City Utah Conditional Waiver and Release Upon Progress Payment — Corporation or LLC are: 1. West Valley City: This refers to the specific geographical location where the waiver and release document is applicable, indicating that it complies with West Valley City's jurisdiction and regulations. 2. Conditional Waiver and Release: This indicates that the release of lien or claim is contingent upon the fulfillment of specific conditions, most commonly the receipt of progress payment. 3. Progress Payment: This refers to the partial payment made to the contractor or subcontractor to reflect the progress made on the construction or improvement project. 4. Corporation or LLC: This refers to the entity type of the contractor or subcontractor involved in the project. It can be a corporation or a limited liability company, each with its own legal implications and obligations. Different types or variations of West Valley City Utah Conditional Waiver and Release Upon Progress Payment — Corporation or LLC may include: 1. Unconditional Waiver and Release Upon Progress Payment: This type of waiver and release is utilized when the contractor or subcontractor agrees to relinquish their lien or claim against the property unconditionally upon receiving progress payment. 2. Partial Conditional Waiver and Release upon Progress Payment: This type of waiver and release allows for a conditional release of lien or claim, where the contractor or subcontractor agrees to release their lien or claim against the property to the extent of the received progress payment. 3. Final Conditional Waiver and Release upon Progress Payment: This type of waiver and release is used when the contractor or subcontractor agrees to release their lien or claim against the property in full upon receiving the final progress payment, indicating the completion of the project. In summary, the West Valley City Utah Conditional Waiver and Release Upon Progress Payment — Corporation or LLC serves as a crucial legal document in construction or property improvement projects. Through its various types, it ensures a clear payment process, protects the interests of all parties involved, and help maintain a smooth flow of operations in West Valley City.
