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What is the difference between a conditional and unconditional release?

Lien waivers generally come in two forms: conditional and unconditional. In a nutshell, conditional lien waivers show how much money is owing through a particular date, and unconditional lien waivers show how much money has been paid for work through a particular date.

What is an unconditional payment?

With an unconditional payment bond, the owner is exempt from a lien being placed on their property. Instead, the subcontractor, sub-subcontractor, or material provider will place a claim against the bond, regardless of whether payments are made to the general contractor.

How do you fill out Conditional waiver and release on Progress payment?

How to complete the Conditional Waiver and Release on Progress Payment form Name of Claimant. The claimant is the party receiving the payment in other words, the one waiving their lien rights. Name of Customer. Job Location. Owner. Through Date. Maker of the Check. Amount of the Check. Check Payable To.

What does unconditional payment mean?

An unconditional order . : This means payment of the face value of the bill (i.e. N500,000 in our example) must be made without fulfillment of any condition. It must be a positive order from the drawer to the drawee to pay, not a mere request or authorization.

What is an unconditional release?

An unconditional release means no restrictions are imposed on the release of the lien. This type of lien release is typically used in final project documents to verify the project completion, payment finalization, and your release of all future rights to file liens on the project.

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