The Conditional Release of Lien is a crucial document in Singapore's construction and property development sector, used when parties wish to arrange for the release of a lien subject to specific conditions being met. This document type is particularly relevant under Singapore's SOPA framework and provides security for both lien holders and property owners during the release process. A Conditional Release of Lien typically becomes necessary when partial payments are made, when funds are held in escrow, or when other specific conditions must be met before a full release can be granted. The document protects the lienor's interests until conditions are satisfied while providing property owners with a clear path to lien removal.
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Key Requirements PROMPT example:
Conditional Release Of Lien
"Need a Conditional Release of Lien for our Singapore construction project, where the release is contingent upon final payment of SGD 250,000 to be made by March 15, 2025, with the lien to be automatically discharged once payment is confirmed by our escrow agent."
1. Identification of Parties: Details of lienor and property owner
2. Property Description: Legal description of property subject to lien
3. Original Lien Details: Information about the original lien including date, amount, and registration details
4. Consideration: Statement of payment or other consideration for release
5. Release Language: Formal statement releasing the lien
6. Execution Block: Signature blocks and witnessing requirements
1. Conditional Terms: Specific conditions that must be met for release to take effect
2. Warranties: Warranties by lienor regarding ownership of lien rights
3. Reservation of Rights: Preservation of other rights not affected by the release
1. Original Lien Documentation: Copies of original lien registration documents
2. Payment Details: Schedule of payments or consideration being provided
3. Property Documents: Detailed property descriptions or plans if required
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