Partial Conditional Lien Waiver
Partial Conditional Lien Waiver
I. Introduction
This Partial Conditional Lien Waiver ("Waiver") is entered into by and between the undersigned contractor, subcontractor, supplier, or other professional entity, hereinafter referred to as "Releasor," and the property owner or prime contractor, hereinafter referred to as "Release." This document confirms the partial payment for work completed or materials provided under the terms and specifications of their contract.
II. Acknowledgment of Payment
Releasor hereby acknowledges the receipt of a payment amounting to [AMOUNT] from Release, representing partial payment for the labor, services, equipment, or materials furnished to [PROJECT DESCRIPTION] located at [PROJECT LOCATION]. This Waiver applies only to the work performed and amounts paid up to the date of this Waiver.
III. Condition of Waiver
This Waiver is conditional upon the actual receipt, and clearance of the funds specified in Section II. Should the payment fail to clear or be disputed for any reason, this Waiver becomes null and void, and Releasor retains the right to assert a lien in the amount of the unpaid balance.
IV. Release of Liens
Upon clearance of the aforementioned payment, Releasor agrees to waive and release any mechanic’s lien, stop payment notice, or bond right that Releasor has on the aforementioned project to the extent of the amount of the received payment.
V. Representation of Authority
Releasor affirms that they have full authority to execute this Waiver and that in doing so, Releasor does not violate any agreement to which they are a party. By signing this document, Releasor agrees they are legally bound by its terms.
VI. Severability
If any provision of this Waiver is held to be illegal, invalid, or unenforceable, such provision shall be fully severable, and this Waiver shall be construed and enforced as if such illegal, invalid, or unenforceable provision had never comprised a part of this Waiver; the remaining provisions shall remain in full force and effect and shall not be affected by the illegal, invalid, or unenforceable provision or by its severance therefrom.
VII. Legal Binding
This Waiver shall be binding upon the Releasor and Release, their successors, assigns, and personal representatives. This document is enforceable and effective only upon the date of signature by both parties concerned.
VIII. Governing Law
This Waiver shall be governed by and construed in accordance with the laws of the state of [STATE] without giving effect to any principles of conflicts of law.
IX. Acknowledgment
By signing this document, Releasor confirms they have read the Waiver, understood its contents, and had the opportunity to seek independent legal advice prior to signing. This Waiver is executed voluntarily and without any duress or undue influence on the part or behalf of Release.
X. Signature
Releasor:
Name: [YOUR NAME]
Title/Position: [YOUR TITLE/POSITION]
Date: [DATE]
Releasee:
Name: [RECIPIENT NAME]
Title/Position: [RECIPIENT TITLE/POSITION]
Date: [DATE]
XI. Contact Information of Releasor
Company Name: [YOUR COMPANY NAME]
Email: [YOUR COMPANY EMAIL]
Phone Number: [YOUR COMPANY NUMBER]
Address: [YOUR COMPANY ADDRESS]
Website: [YOUR COMPANY WEBSITE]
Social Media Profile: [YOUR COMPANY SOCIAL MEDIA]
