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Conditional Waiver And Release On Progress Payment

Conditional Waiver And Release On Progress Payment Template for Malaysia

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Key Requirements PROMPT example:

Conditional Waiver And Release On Progress Payment

"I need a Conditional Waiver and Release on Progress Payment for a Malaysian commercial building project in Kuala Lumpur, where we're the main contractor receiving RM 2.5 million as the third progress payment, scheduled for March 2025."

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Document background
The Conditional Waiver And Release On Progress Payment is a crucial document in Malaysian construction projects, designed to facilitate smooth payment processes while protecting the interests of all parties involved. It is typically used when a contractor, subcontractor, or supplier is receiving a progress payment and needs to provide assurance to the paying party that no liens or claims will be filed for the paid amount. The document aligns with the Construction Industry Payment and Adjudication Act 2012 (CIPAA) and Malaysian contract law, providing a standardized approach to managing payment-related risks in construction projects. This document type is particularly important in managing payment cycles, ensuring clear documentation of received payments, and maintaining transparent financial relationships between project stakeholders.
Suggested Sections

1. Parties: Identification of the Claimant (party giving the waiver) and the Payor (party making the payment), including full legal names and registration details

2. Background: Brief description of the underlying contract, project details, and context for the progress payment

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

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

5. Conditional Waiver Statement: Clear statement of the waiver being conditional upon receipt of payment, including the specific rights being waived

6. Reservation of Rights: Statement preserving rights for disputed claims, retention amounts, and unsettled changes

7. Effective Date: Specification of when the waiver becomes effective, tied to actual receipt of payment

8. Execution: Signature blocks for authorized representatives of both parties

Optional Sections

1. Through-Date Claims: Section specifying claims up to a specific date, used when the waiver needs to cover a specific time period

2. Excluded Claims: Detailed list of specific claims excluded from the waiver, used when there are ongoing disputes or claims

3. Representations and Warranties: Additional assurances from the waiving party, used in high-value or complex projects

4. Subcontractor Provisions: Provisions relating to subcontractor claims, used when the waiving party has subcontractors

5. Governing Law and Jurisdiction: Specific clause about applicable law and courts, used in interstate or complex projects

Suggested Schedules

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

2. Schedule B - Project Information: Detailed description of the project scope and contract reference details

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

4. Appendix 2 - Authorization Evidence: Evidence of authority of the person signing the waiver (if required)

Authors

Alex Denne

Head of Growth (Open Source Law) @ ¶¶Òõ¶ÌÊÓƵ | 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 Development

Commercial Property

Industrial Development

Residential Development

Engineering Services

Architecture and Design

Project Management

Relevant Teams

Legal

Finance

Operations

Project Management

Commercial

Contracts Administration

Risk Management

Procurement

Accounts Payable

Construction Management

Relevant Roles

Project Manager

Contract Administrator

Construction Manager

Quantity Surveyor

Finance Manager

Legal Counsel

Claims Manager

Commercial Manager

Project Director

Construction Director

Chief Financial Officer

Procurement Manager

Account Manager

Operations 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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