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Final Payment Release Letter

Final Payment Release Letter Template for Philippines

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Key Requirements PROMPT example:

Final Payment Release Letter

"I need a Final Payment Release Letter for a completed construction project in Manila, where we're releasing the final payment of 5 million PHP to the contractor on March 15, 2025, but need to maintain warranty obligations for structural work for the next 5 years."

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Document background
The Final Payment Release Letter is a critical document used in Philippine business transactions to formally conclude financial obligations under a contract. It serves as a legal instrument that protects both parties by documenting the completion of payment obligations and releasing the paying party from future claims. This document is particularly important in the Philippine context, where it must comply with local contract law requirements and commercial practices. The letter typically comes into play upon completion of projects, delivery of services, or fulfillment of contract terms, and should reference specific amounts, dates, and contract details. It's essential for risk management and proper contract closure, providing clear evidence that financial obligations have been met and that both parties agree to the termination of payment obligations.
Suggested Sections

1. Letter Header and Date: Includes sender's details, recipient's details, and date of the letter

2. Project/Contract Reference: Clear identification of the original contract, project, or work to which the final payment relates

3. Payment Confirmation: Specific acknowledgment of the final payment amount received and date of receipt

4. Release Statement: Clear and unequivocal statement releasing the paying party from all claims related to the contract

5. Governing Law Statement: Confirmation that the letter is governed by Philippine law

6. Signature Block: Space for authorized signature, with name and title of signatory

Optional Sections

1. Reservation of Rights: Used when certain rights or obligations survive the final payment

2. Warranty Acknowledgment: Include when warranty obligations continue beyond the final payment

3. Tax Compliance Statement: Statement confirming all tax obligations have been met, if relevant

4. Partial Release Language: Used when the release applies only to specific aspects of the contract

5. Continuing Obligations: Details of any obligations that survive the final payment and release

Suggested Schedules

1. Payment History Schedule: Detailed list of all payments made under the contract, including the final payment

2. Original Contract Reference: Copy or summary of the original contract being settled

3. Outstanding Items List: List of any items or obligations explicitly excluded from the release

4. Authorization Evidence: Corporate or other authorization documents proving signatory authority

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 Development

Infrastructure

Manufacturing

Professional Services

Information Technology

Engineering

Architecture

Consulting

Project Management

Facilities Management

Industrial Services

Energy

Telecommunications

Relevant Teams

Legal

Finance

Accounts Payable

Project Management

Operations

Commercial

Procurement

Contract Administration

Risk Management

Compliance

Relevant Roles

Project Manager

Finance Director

Contract Administrator

Legal Counsel

Chief Financial Officer

Accounts Payable Manager

Project Director

Construction Manager

Commercial Director

Operations Manager

Procurement Manager

Site Supervisor

Account Manager

Business Development Manager

Financial Controller

Industries
Civil Code of the Philippines (Republic Act No. 386): Provides the fundamental principles governing contracts, obligations, and their extinguishment, including provisions on payment and release of obligations
National Internal Revenue Code of the Philippines: Covers tax implications and requirements for final payments and settlements, including documentary stamp tax obligations
Rules on Notarial Practice (A.M. No. 02-8-13-SC): Governs the requirements for document notarization, which may be necessary for the final payment release letter to have fuller legal effect
E-Commerce Act of 2000 (Republic Act No. 8792): Relevant if the final payment release letter is to be executed electronically or through digital means
Corporate Code of the Philippines: Pertinent for corporate signatories' authority to execute the release letter and corporate formalities in documentation
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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