Conditional Waiver / Release Upon Final Payment – Part 4

Conditional Waiver / Release Upon Final Payment – Part 4

Customers & Accounts Receivable, From Our Guest Bloggers
When it’s time to submit the invoice for the final payment you may need to include a “Conditional Waiver and Release Upon Final Payment” form (#3 release). Usually this release form does not include a “release through date” like the #1 and #2 forms do because it’s your final invoice on the project. If you have suppliers you’ll probably have to include these same forms from them. Once you’ve received payment and it has cleared the issuing financial institution then typically that Conditional Release becomes an Unconditional Release. That means you’ll never be able to file a lien on the project (which is okay as long as you’re paid in full). State Requirements For Waiver / Release Forms Each state has its own requirements for release forms.  Although many are…
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Conditional Waiver/Release Form Upon Progress/Partial Payment – Part 2

Conditional Waiver/Release Form Upon Progress/Partial Payment – Part 2

Customers & Accounts Receivable, From Our Guest Bloggers
When it’s time to submit an invoice for a partial / progress payment you may need to include a “Conditional Waiver and Release Upon Progress Payment” form (#1 release). If you have suppliers you’ll probably have to include these same forms from them. Once you’ve received payment and it has cleared the issuing financial institution then typically that Conditional Release becomes an Unconditional Release (#2).  That means you’ll never be able to file a lien for that time frame. State Requirements For Waiver / Release Forms Each state has its own requirements for release forms. California recently changed its mechanic’s lien laws requiring new wording on its release forms.  Keep an eye out for any possible changes in the requirements for the state(s) you work in. Usually a #1 release…
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