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Conditional Waiver And Release On Final Payment

Conditional Waiver And Release On Final Payment Template for Ireland

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Key Requirements PROMPT example:

Conditional Waiver And Release On Final Payment

I need a Conditional Waiver and Release on Final Payment document for a 芒鈥毬5.2M commercial building project in Dublin, where I'm the general contractor releasing claims against the property owner, with the final payment scheduled for March 2025 and including provisions for releasing retention amounts.

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Document background
The Conditional Waiver And Release On Final Payment is a crucial document in Irish construction projects that marks the completion of work and facilitates final payment while managing legal risks for all parties involved. It is typically used at the conclusion of construction projects or major project phases when final payment is ready to be released. The document serves as a legally binding agreement under Irish law, including compliance with the Construction Contracts Act 2013, where the receiving party agrees to waive and release any claims, liens, or rights to place a burden on the property, conditional upon receiving the specified final payment. This document is essential for project closeout and typically includes details of the project, parties involved, payment amount, and specific conditions that must be met for the release to become effective. It provides protection for both the paying party (ensuring they won't face future claims) and the party receiving payment (maintaining their rights until payment is actually received).
Suggested Sections

1. Parties: Identification of the Claimant/Releasing Party (typically contractor/subcontractor) and the Released Party (typically the owner/contractor)

2. Project Information: Details of the construction project including project name, location, and relevant contract references

3. Payment Amount: Specification of the final payment amount and confirmation that this represents the entire remaining balance due

4. Conditional Waiver Statement: Clear statement that the waiver and release will become effective only upon receipt of the specified final payment

5. Scope of Release: Detailed description of what claims, rights, and liens are being waived and released upon receipt of payment

6. Exceptions and Reservations: Any specific claims or rights that are explicitly reserved and not waived

7. Representations and Warranties: Claimant's confirmation that all work has been completed and all lower-tier claims have been satisfied

8. Execution Requirements: Signature requirements and date fields for proper execution of the waiver

Optional Sections

1. Previous Payments Acknowledgment: Section acknowledging receipt of all previous payments - include when there is a payment history that needs to be confirmed

2. Lower-tier Releases: Section requiring attached releases from subcontractors and suppliers - include when there are significant lower-tier parties

3. Notarization Block: Section for notary acknowledgment - include when required by project requirements or financing

4. Spousal Consent: Consent of spouse to release of rights - include when required by local property law or specific project requirements

5. Continuing Obligations: Section preserving specific ongoing obligations like warranties - include when there are important post-completion obligations

Suggested Schedules

1. Schedule A - Project Details: Detailed description of the project scope and contract documents

2. Schedule B - Payment Breakdown: Itemized breakdown of the final payment amount and previous payments

3. Schedule C - Outstanding Claims List: List of any disputed or excepted claims not covered by the release

4. Appendix 1 - Lower-tier Releases: Copies of releases from subcontractors and suppliers

5. Appendix 2 - Proof of Completion: Documentation evidencing completion of work (certificates, inspections, etc.)

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok成人版 | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
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Construction

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Relevant Teams

Legal

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Relevant Roles

Construction Project Manager

Contract Administrator

Legal Counsel

Chief Financial Officer

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