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Waiver And Release Of Lien

Waiver And Release Of Lien Template for New Zealand

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Key Requirements PROMPT example:

Waiver And Release Of Lien

"I need a Waiver and Release of Lien for a completed residential construction project in Auckland, where our company has received full payment of NZD 850,000 and we want to provide an unconditional final release to the property owner."

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Document background
The Waiver and Release of Lien is a crucial document in New Zealand's construction and property development industry, designed to protect the interests of both property owners and contractors. It is typically used when a contractor or subcontractor has received payment for their work and agrees to relinquish their right to place a lien on the property under the Construction Contracts Act 2002. This document becomes necessary at various stages of construction projects, including progress payments or final payment, and can be either conditional or unconditional depending on the payment status. The waiver helps ensure clear title to property and facilitates smooth project completion and property transactions. It must comply with New Zealand legal requirements and typically includes detailed information about the project, parties involved, payment received, and the specific rights being waived.
Suggested Sections

1. Parties: Identifies all parties to the agreement, including the lien holder (typically contractor/subcontractor) and the property owner or principal contractor

2. Background: Describes the context of the original contract, work performed, and the lien rights being waived

3. Definitions: Defines key terms used in the document, including 'Project', 'Property', 'Contract', 'Lien Rights', and other relevant terms

4. Payment Acknowledgment: Confirms receipt of payment (if applicable) and specifies the amount received as consideration for the release

5. Scope of Release: Details exactly what rights are being waived and released, including specific lien rights and claims

6. Property Description: Provides legal description of the property against which the lien rights are being released

7. Representations and Warranties: Statements confirming the lien holder's authority to release the lien and that no assignment of lien rights has occurred

8. Execution: Signature blocks and execution requirements including witness/verification provisions

Optional Sections

1. Conditional Release Provisions: Used when the release is conditional upon certain events (such as cheque clearance or future payment), specifying the conditions that must be met

2. Reservation of Rights: Include when the releasing party wishes to reserve certain rights or claims not related to the lien being released

3. Partial Release Provisions: Used when only releasing lien rights for a portion of the work or specific progress payment

4. Indemnification: Optional provisions where the releasing party indemnifies against future claims related to the released lien

5. Governing Law and Jurisdiction: While New Zealand law applies, this section can specify particular dispute resolution procedures or jurisdiction preferences

Suggested Schedules

1. Schedule of Payment Details: Itemized list of payments received and/or outstanding amounts when dealing with partial or progressive releases

2. Property Schedule: Detailed legal description of multiple properties when the release covers several locations

3. Contract Reference Schedule: List of all relevant contracts and variations when the release relates to multiple agreements or substantial variations

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

Linkedin in social icon imageX social icon image
alex.den.21@genieai.co
Relevant Industries

Construction

Real Estate

Property Development

Infrastructure

Commercial Building

Residential Construction

Civil Engineering

Architecture

Interior Fit-out

Building Services

Relevant Teams

Legal

Construction

Property Development

Contract Administration

Finance

Commercial

Project Management

Risk Management

Operations

Documentation

Relevant Roles

Construction Manager

Project Manager

Contract Administrator

Legal Counsel

Property Developer

Site Manager

Quantity Surveyor

Commercial Manager

Development Manager

Claims Manager

Finance Manager

Construction Director

Legal Director

Property Manager

Industries
Construction Contracts Act 2002: This is the primary legislation governing construction payments, payment claims, and payment schedules in New Zealand. It provides the framework for creating and releasing construction liens and establishes the processes for dispute resolution in construction contracts.
Property Law Act 2007: This Act governs property transactions and interests in land in New Zealand. It's relevant for understanding how liens affect property rights and the proper procedures for registering and removing interests against property.
Contract and Commercial Law Act 2017: This Act provides the general framework for contract law in New Zealand, including provisions about contract formation, enforcement, and remedies. It's essential for ensuring the waiver and release document is legally valid and enforceable.
Personal Property Securities Act 1999: This Act governs security interests in personal property and is relevant when the lien involves chattels or personal property rather than real property. It provides rules for the creation, perfection, and priority of security interests.
Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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