The Waiver and Release on Final Payment is a critical document used in Indian business transactions to formally conclude contractual relationships and prevent future disputes. It is typically executed when a project, service agreement, or other business arrangement is completing its final phase, and the last payment is being processed. This document combines two crucial elements: acknowledgment of receiving the final payment and a comprehensive release of all claims related to the underlying agreement. The document must comply with Indian Contract Act requirements and often needs proper stamping under the Indian Stamp Act. It serves as a protective measure for both parties, ensuring that the paying party is protected from future claims while the receiving party has formal acknowledgment of the final payment. The waiver and release should be carefully drafted to include specific details about the scope of release, payment amount, and any surviving obligations.
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1. Parties: Identification of the paying party and the receiving party, including their legal names, addresses, and any registration details
2. Background: Brief context of the underlying relationship, contract, or project that led to this final payment and release
3. Definitions: Key terms used in the document including 'Final Payment', 'Claims', 'Released Matters', etc.
4. Acknowledgment of Final Payment: Statement acknowledging the receipt or promise of the final payment amount
5. Release and Waiver: Comprehensive release of all claims, demands, and causes of action related to the underlying relationship
6. No Pending Claims: Declaration that there are no outstanding claims or disputes
7. Binding Effect: Statement that the waiver is binding on the parties' successors and assigns
8. Governing Law: Specification that Indian law governs the document
9. Execution: Signature blocks and execution details
1. Surviving Obligations: Used when certain obligations need to survive the release, such as confidentiality or intellectual property rights
2. Limited Warranties: Include when specific warranties need to continue despite the general release
3. Tax Implications: Required when there are specific tax considerations or obligations related to the final payment
4. Dispute Resolution: Include when parties want to specify mechanism for resolving disputes about the waiver itself
5. Non-Revocation Period: Used when a cooling-off period is required before the waiver becomes effective
1. Schedule A - Payment Details: Breakdown of the final payment amount, including any deductions or adjustments
2. Schedule B - Specific Claims Released: Detailed list of specific claims, disputes, or matters being released
3. Schedule C - Outstanding Deliverables: List of any remaining items to be delivered or completed, if applicable
4. Appendix 1 - Supporting Documents: Copies of relevant invoices, completion certificates, or other supporting documentation
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