The Contractor Final Payment Release is a crucial document used at the completion stage of construction projects in Malaysia. It is typically executed when the final payment is ready to be released to the contractor and serves as a formal closure of the financial aspects of the construction contract. The document must comply with Malaysian legislation, particularly the Construction Industry Payment and Adjudication Act 2012 (CIPAA) and the Contracts Act 1950. It includes essential details such as the final payment amount, acknowledgment of receipt, release of claims, and any specific reservations. This document is particularly important as it protects both the principal and contractor by clearly defining the terms of release and preventing future claims, except for those specifically reserved.
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1. Parties: Identification of the contractor and the principal/employer, including full legal names, registration numbers, and addresses
2. Background: Brief description of the original contract, project details, and context for the final payment and release
3. Definitions: Key terms used in the document including 'Final Payment', 'Project', 'Contract', and 'Claims'
4. Acknowledgment of Payment: Confirmation of the final payment amount received and that it represents full and final payment under the contract
5. Release and Discharge: Core section detailing the scope of release and discharge of claims against the principal
6. Reservation of Rights: Any specific rights or claims that are explicitly preserved and not released
7. Warranties: Contractor's warranties regarding no assignment of claims and authority to give the release
8. Governing Law: Confirmation that the release is governed by Malaysian law
1. Retention Release: Include when there is outstanding retention money being released alongside the final payment
2. Outstanding Defects: Include when there are known defects that need to be addressed or excluded from the release
3. Third Party Rights: Include when there are subcontractors or suppliers whose rights need to be addressed
4. Confidentiality: Include when parties wish to keep the terms of the settlement and release confidential
5. Dispute Resolution: Include when parties want to specify mechanism for resolving any disputes about the release
1. Payment Schedule: Detailed breakdown of the final payment amount, including any retention release
2. Project Details: Full description of the project and original contract details
3. Outstanding Claims Schedule: List of any claims or disputes being resolved through this release
4. Existing Defects List: If applicable, list of known defects and their handling
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