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Unconditional Waiver And Release On Progress Payment

Unconditional Waiver And Release On Progress Payment Template for India

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Key Requirements PROMPT example:

Unconditional Waiver And Release On Progress Payment

"I need an Unconditional Waiver and Release on Progress Payment for our Mumbai residential construction project, where we're the general contractor receiving a progress payment of ₹75 lakhs from the developer, and we need to include provisions for our five subcontractors who also need to provide waivers."

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Document background
The Unconditional Waiver And Release On Progress Payment is a critical document in Indian construction and development projects, used when partial payments are made based on completed work phases. It's particularly important in larger construction projects where multiple contractors and suppliers are involved, and regular progress payments are made. The document, governed by Indian contract law, serves to provide clarity and finality to payment matters by unconditionally waiving the rights of contractors or suppliers to make claims or place liens for work completed up to the specified payment point. This type of waiver is immediate and absolute upon execution, unlike conditional waivers that depend on actual receipt of payment. It typically includes details of the progress payment, project information, scope of waiver, and any exceptions or reservations of rights. The document helps maintain project momentum while protecting owners from double payment risks and contractors from payment disputes.
Suggested Sections

1. Parties: Identification of the party giving the waiver (typically contractor/supplier) and the party receiving the waiver (typically project owner/general contractor)

2. Background: Brief description of the project, the original contract, and the context of the progress payment

3. Definitions: Key terms used in the waiver including 'Progress Payment', 'Project', 'Contract', and 'Waiver Period'

4. Progress Payment Details: Specific details of the progress payment including amount, payment period, and invoice references

5. Waiver and Release: Core section containing the unconditional waiver language and specific rights being released

6. Effectiveness: Clear statement that the waiver is effective immediately upon execution

7. Representations and Warranties: Confirming authority to execute, no prior assignments of rights, and other standard representations

8. Governing Law: Specification that Indian law governs the waiver

9. Execution: Signature blocks and execution formalities

Optional Sections

1. Exceptions to Waiver: Used when certain claims or rights need to be explicitly preserved, such as retention amounts or unsettled claims

2. Subcontractor Confirmation: Include when verification of payments to subcontractors is required

3. Notarization: Include when notarized execution is required by the parties or local practice

4. Dispute Resolution: Include when parties want to specify specific dispute resolution mechanisms

5. Indemnification: Used when additional protection is needed against future claims

6. Through-Date: Include when the waiver needs to specify an exact date through which claims are waived

Suggested Schedules

1. Schedule A - Payment Details: Detailed breakdown of the progress payment amount, including any calculations or adjustments

2. Schedule B - Project Details: Detailed description of the project and relevant contract references

3. Schedule C - Prior Payment History: Summary of previous payments made and current payment status

4. Appendix 1 - Supporting Documents: Copies of relevant invoices, payment applications, or other supporting documentation

5. Appendix 2 - Subcontractor Waivers: If applicable, copies of corresponding waivers from subcontractors

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok³ÉÈË°æ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
Relevant legal definitions



























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Relevant Industries

Construction

Real Estate Development

Infrastructure

Industrial Development

Commercial Development

Residential Development

Energy and Utilities

Manufacturing

Mining

Transportation

Relevant Teams

Legal

Finance

Project Management

Operations

Commercial

Procurement

Risk Management

Contract Administration

Accounts Payable

Construction Management

Relevant Roles

Project Manager

Construction Manager

Contract Administrator

Legal Counsel

Chief Financial Officer

Finance Manager

Project Director

Site Supervisor

Procurement Manager

Claims Manager

Risk Manager

Commercial Director

Operations Manager

Development Manager

Account Manager

Industries







Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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