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Conditional Waiver And Release On Final Payment
"I need a Conditional Waiver and Release on Final Payment document for a large-scale construction project in Riyadh, Saudi Arabia, where we have 5 major subcontractors who also need to provide releases, with the final payment amount of 15 million SAR to be released by March 2025."
1. Parties: Identification of the Contractor/Payee and the Owner/Payor, including their full legal names, addresses, and commercial registration numbers
2. Background: Brief description of the original contract, project details, and context for the final payment and waiver
3. Definitions: Key terms used in the document including 'Final Payment', 'Claims', 'Lien Rights', and other relevant terms
4. Final Payment Amount: Precise statement of the final payment amount in both numbers and words, including any applicable taxes
5. Conditions for Release: Clear listing of all conditions that must be met before the waiver becomes effective, primarily the receipt of final payment
6. Scope of Waiver: Detailed description of what claims, rights, and demands are being waived upon satisfaction of conditions
7. Representations and Warranties: Contractor's confirmation that all subcontractors and suppliers have been paid and no outstanding claims exist
8. Governing Law and Jurisdiction: Explicit statement of Saudi law application and relevant court jurisdiction
9. Execution: Signature blocks with details required under Saudi law, including names, titles, and official stamps
1. Retention Release: Include when the final payment includes release of retained amounts, specifying the retention amount and release terms
2. Subcontractor Confirmations: Include when there are major subcontractors who need to confirm receipt of their payments
3. Exceptions to Waiver: Include when specific claims or rights are being preserved despite the general waiver
4. Islamic Law Compliance: Include when specific Sharia compliance provisions need to be explicitly stated
5. Language Preference: Include when document is bilingual Arabic/English to specify which version prevails
6. Previous Payments Acknowledgment: Include when there's a need to confirm receipt of all previous progress payments
1. Schedule A - Payment Details: Detailed breakdown of the final payment amount, including any adjustments, deductions, or additions
2. Schedule B - Outstanding Claims List: List of any specifically excluded claims or reserved rights not covered by the waiver
3. Schedule C - Subcontractor Releases: Copies of releases or waivers from major subcontractors and suppliers
4. Appendix 1 - Original Contract Reference: Key details from the original contract including date, reference number, and basic scope
5. Appendix 2 - Payment History: Summary of all previous payments made under the contract
Authors
Claimant
Claims
Conditional Waiver and Release
Contract
Contract Price
Contractor
Effective Date
Employer
Final Payment
Final Payment Amount
Lien Rights
Outstanding Claims
Party/Parties
Payment Application
Project
Project Site
Release Date
Retained Amount
Retention
Site
Subcontractor
Supplier
Through Date
Unconditional Waiver
Waiver and Release
Work
Work Performed
Recitals
Definitions
Final Payment Amount
Conditions Precedent
Scope of Release
Payment Acknowledgment
Waiver of Claims
Exceptions to Waiver
Representations and Warranties
Release Conditions
Subcontractor Confirmation
Retention Release
Payment Processing
Governing Law
Dispute Resolution
Notices
Entire Agreement
Severability
Authority to Execute
Compliance with Sharia
Amendment
Counterparts
Language
Further Assurance
Construction
Real Estate Development
Infrastructure
Oil & Gas
Manufacturing
Industrial Projects
Commercial Development
Healthcare Facilities
Educational Facilities
Hospitality
Retail Development
Legal
Finance
Operations
Commercial
Project Management
Contract Administration
Risk Management
Procurement
Claims Management
Document Control
Project Manager
Construction Manager
Contract Administrator
Legal Counsel
Chief Financial Officer
Finance Director
Quantity Surveyor
Commercial Manager
Operations Director
Project Director
Claims Manager
Risk Manager
Procurement Manager
Company Secretary
General Counsel
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