Contractor Final Payment Release for the United Kingdom

Contractor Final Payment Release Template for England and Wales

A Contractor Final Payment Release is a legal document used in England and Wales that formally concludes the financial aspects of a construction contract. It acknowledges receipt of final payment and releases the paying party from future claims, except for those specifically preserved. The document typically includes details of the final payment amount, any retained sums being released, and specific exclusions or reservations of rights. It serves as a formal closure mechanism for the financial aspects of the construction contract.

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What is a Contractor Final Payment Release?

The Contractor Final Payment Release is a crucial document used at the completion of construction projects in England and Wales. It is typically executed when the contractor has completed all works and the final payment, including any retention monies, is being released. The document provides certainty to both parties by formally closing out the payment aspects of the contract and preventing future claims, except those specifically preserved. It should be carefully reviewed to ensure all outstanding matters are properly addressed and any intended reservations of rights are clearly documented.

What sections should be included in a Contractor Final Payment Release?

1. Project Identification: Details of the construction project, contract reference, and parties involved

2. Payment Amount: Specification of the final payment sum being released, including any adjustments or deductions

3. Release Statement: Formal waiver of claims and release of rights, including confirmation that all works are complete

4. Retained Rights: Specification of any rights specifically preserved after the release

5. Execution Block: Signature sections for all parties, including witness provisions if required

What sections are optional to include in a Contractor Final Payment Release?

1. Retention Release: Specific provisions for the release of retention monies, including calculation and timing

2. Outstanding Claims: Detailed list of any excluded claims or disputes that are preserved

3. Tax Provisions: Specific provisions relating to CIS deductions, VAT treatment and other tax considerations

What schedules should be included in a Contractor Final Payment Release?

1. Payment Calculation Schedule: Detailed breakdown of the final payment amount, including any adjustments, deductions or additions

2. Outstanding Works Schedule: Comprehensive list of any remaining minor works or defects to be addressed

3. Claims Schedule: Detailed listing of any preserved or excluded claims, including their nature and estimated value

Authors

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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Letter Of Lien Release

A formal document under English and Welsh law that releases a security interest or lien held over property or assets.

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What is a Contractor Final Payment Release?

What sections should be included in a Contractor Final Payment Release?

What sections are optional to include in a Contractor Final Payment Release?

What schedules should be included in a Contractor Final Payment Release?

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