Conditional Waiver And Release On Final Payment Form Template for Nigeria

This document is a legally binding form used in Nigerian construction and development projects to facilitate the final payment process while protecting the interests of both the paying and receiving parties. It serves as a conditional release of rights, claims, and liens upon receipt of final payment, structured in accordance with Nigerian contract law and construction industry regulations. The form includes specific provisions for payment details, scope of release, and conditions precedent to the release becoming effective, while incorporating necessary safeguards to ensure compliance with local legal requirements and industry standards.

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What is a Conditional Waiver And Release On Final Payment Form?

The Conditional Waiver And Release On Final Payment Form is a critical document used in Nigerian construction and development projects to facilitate project closure and final payment processes. This document is typically employed when a contractor, subcontractor, or supplier is ready to receive final payment for their work or materials and agrees to waive their rights to any future claims or liens, conditional upon receiving the specified payment. The form must comply with Nigerian contract law and construction industry regulations, including relevant state-specific requirements. It provides essential protection for property owners and developers while ensuring contractors receive their due payment. The document includes detailed information about the project, parties involved, payment amount, and specific rights being waived, becoming effective only when the final payment is received and cleared.

What sections should be included in a Conditional Waiver And Release On Final Payment Form?

1. Project Identification: Details of the construction project including project name, location, and any relevant contract numbers or references

2. Parties: Identification of the claimant (party giving the release) and the owner/contractor (party receiving the release)

3. Payment Amount: Specific details of the final payment amount being received, including any previous payments if relevant

4. Conditional Release Statement: The core waiver language stating that the release becomes effective only upon receipt of final payment

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

6. Exceptions: Standard statement of any rights or claims specifically excluded from the release

7. Execution: Signature blocks, date, and notarization requirements

What sections are optional to include in a Conditional Waiver And Release On Final Payment Form?

1. Progress Payment History: Used when there's a need to document the history of progress payments leading to this final payment

2. Disputed Claims Reserve: Include when there are outstanding disputed claims that are specifically excluded from the release

3. Subcontractor Confirmation: Add when confirmation of payments to subcontractors is required as part of the release

4. Warranty of Authority: Include when the signing party is not the primary contractor or when authority to sign needs to be explicitly stated

What schedules should be included in a Conditional Waiver And Release On Final Payment Form?

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

2. Schedule B - Project Scope: Description of the work or services covered by the release

3. Appendix 1 - Supporting Documents: List of relevant documents such as invoice copies, completion certificates, or inspection reports

4. Appendix 2 - Subcontractor Releases: Copies of releases from subcontractors or suppliers, if required

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok��˰� | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents

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Unconditional Waiver Form

A Nigerian law-governed document facilitating the unconditional waiver of rights or claims between parties, with comprehensive protection mechanisms and compliance with local regulations.

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Download a Standard Conditional Waiver And Release On Final Payment Form

Review your own Conditional Waiver And Release On Final Payment Form

What is a Conditional Waiver And Release On Final Payment Form?

What sections should be included in a Conditional Waiver And Release On Final Payment Form?

What sections are optional to include in a Conditional Waiver And Release On Final Payment Form?

What schedules should be included in a Conditional Waiver And Release On Final Payment Form?

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