Who needs Conditional waiver and release on progress payment?
Let’s imagine that you owe a project, and you hire a contractor to do a specific kind of work for you. Before the first payment to the contractor, you may want them to fill out Conditional waiver and release on progress payment form. This document confirms that your contractor waives the right to record mechanics lien, file a stop payment notice or make a claim on payment bond once you pay to them.
What is Conditional waiver and release on progress payment for?
This form is usually required by the owners of the projects from their contractors as a condition of payment.
Is Conditional waiver and release on payment accompanied by other forms?
As a rule, this form is signed before the first payment and the contractor sends the completed form to the project owner together with the payment application. Once the project’s owner receives the signed form, he makes a payment.
How do I fill out Conditional waiver and release on progress payment?
This form has several sections for filling. First, you have to complete name of the claimant (contractor’s company), name of customer (customer’s company), job location (the place of project site), owner (name of project owner), through date (the last date when the work was done under the pay application). You also have to stipulate the maker of a check (usually a customer’s company), the amount of check (sum of payment), and name of the company which receives a check. Then you have to fill in the section of exceptions (if there are any), sign and date the document.
Where do I send Conditional waiver of lien and release on progress payment?
Once completed and signed, Conditional waiver and release on progress payment form is sent to the project’s owner.