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The Partial Waiver of Lien is used to waive and release any lien claims against a property by a contractor for work performed, ensuring that the owner is not liable for additional claims.
This document is specific to the State of Illinois, adhering to local statutes regarding mechanics' liens.
The document includes a Contractor’s Affidavit section where the contractor must affirm their position and provide details about payments received and amounts due.
It requires detailed information such as the name of the contractor, contract amount, payment history, and names of all parties involved in providing materials or services.
The document must be notarized to validate the signatures and affirm that the statements made are true under oath.
The waiver is executed in consideration of a specified dollar amount, which must be clearly stated in the document.
By signing this waiver, property owners are protected from future claims related to unpaid labor or materials associated with the project described in the document.
