The Unconditional Waiver And Release On Final Payment is a critical document in construction project closeout procedures across the United States. It serves as definitive evidence that a contractor or subcontractor has received full payment and waives all rights to file future liens or claims relating to the project. Unlike conditional waivers, this document is effective immediately upon execution, regardless of payment verification. It's typically used at project completion when final payment has been received and cleared. State laws often regulate the format and content of these waivers, with some jurisdictions requiring specific statutory language to ensure validity.
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1. Identification of Parties: Names and details of the waiving party and the party receiving the waiver
2. Project Information: Details of the construction project, including location and description
3. Payment Amount: Specific amount received as final payment
4. Waiver Statement: Explicit statement of rights being waived
5. Scope of Release: Specific claims and rights being released
1. Exceptions: Any specific claims or rights being retained, used when certain claims are to be preserved
2. Conditional Provisions: Any conditions that must be met for the waiver to be effective
3. Representations and Warranties: Statements about payment to subcontractors and suppliers
1. Payment Schedule: Detailed breakdown of payments received
2. Project Details: Comprehensive description of work performed
3. Subcontractor List: List of all subcontractors and suppliers paid in full
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