Conditional Waiver And Release On Progress Payment - England and Wales

Conditional Waiver And Release On Progress Payment for the United Kingdom

Conditional Waiver And Release On Progress Payment Template for England and Wales

A Conditional Waiver and Release on Progress Payment is a legal document used in England and Wales that provides a conditional release of rights, claims, and liens up to a specified payment amount. The document becomes effective only upon the actual receipt and clearance of the specified progress payment. It offers protection to both the paying party and the party receiving payment by ensuring that rights are only waived once payment has been properly received.

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What is a Conditional Waiver And Release On Progress Payment?

The Conditional Waiver And Release On Progress Payment is commonly used in construction and development projects in England and Wales where staged payments are involved. It provides a mechanism for contractors and subcontractors to waive their rights to claim against the property or project owner, but only once they have received the specified progress payment. This document helps maintain cash flow while protecting all parties' interests, ensuring that rights are only released upon actual receipt of payment. It typically includes details of the payment amount, the scope of work covered, and any specific exceptions or reservations.

What sections should be included in a Conditional Waiver And Release On Progress Payment?

1. Parties: Identification of the parties involved in the waiver agreement

2. Background: Context of the underlying contract and payment situation

3. Definitions: Key terms used in the document including payment amount, contract, and project details

4. Payment Details: Specific information about the progress payment being addressed including amount and payment period

5. Conditional Waiver Statement: The actual waiver language and conditions precedent for the waiver to become effective

6. Reserved Rights: Rights specifically preserved despite the waiver, including retention amounts and unresolved claims

7. Execution: Signature blocks and execution requirements for all parties

What sections are optional to include in a Conditional Waiver And Release On Progress Payment?

1. Through-Date Statement: Specific date through which the waiver applies, used when waiver needs to be limited to a specific time period

2. Exceptions to Waiver: Specific claims or rights excluded from the waiver, used when certain claims need to be preserved

3. Representations and Warranties: Additional assurances from the waiving party regarding authority, ownership of claims, and absence of assignments

What schedules should be included in a Conditional Waiver And Release On Progress Payment?

1. Schedule of Payment Details: Detailed breakdown of the progress payment amount and calculation methodology

2. Schedule of Outstanding Claims: List of any preserved claims or disputed amounts not covered by the waiver

3. Supporting Documentation: Relevant payment certificates, applications, or other documentation evidencing the progress payment

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Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

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Lien Waiver Form

A legal document used in England and Wales where a party waives their right to place a lien on a property in exchange for payment.

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What is a Conditional Waiver And Release On Progress Payment?

What sections should be included in a Conditional Waiver And Release On Progress Payment?

What sections are optional to include in a Conditional Waiver And Release On Progress Payment?

What schedules should be included in a Conditional Waiver And Release On Progress Payment?

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