Conditional Waiver And Release On Final Payment Form

Conditional Waiver And Release On Final Payment Form Template for Nigeria

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Key Requirements PROMPT example:

"I need a Conditional Waiver and Release on Final Payment Form for a Lagos commercial building project with a final payment of ₦15 million, including special provisions for outstanding material supplier payments to be settled by March 2025."

Document background

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.

Suggested Sections

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

Optional Sections

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

Suggested Schedules

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) @ ��Ƶ | 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

Clauses

Relevant Industries

Construction

Real Estate Development

Infrastructure

Oil and Gas

Mining

Commercial Property

Industrial Development

Residential Development

Energy

Manufacturing

Relevant Teams

Legal

Finance

Operations

Project Management

Contract Administration

Risk Management

Commercial

Procurement

Accounts Payable

Construction Management

Relevant Roles

Project Manager

Construction Manager

Contract Administrator

Legal Counsel

Finance Director

Chief Financial Officer

Quantity Surveyor

Site Supervisor

Procurement Manager

Operations Director

Project Coordinator

Claims Manager

Commercial Manager

Risk Manager

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