Full Conditional Waiver

Full Conditional Waiver Template for Philippines

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Key Requirements PROMPT example:

"I need a Full Conditional Waiver for a Manila construction project where the contractor will waive all claims upon receiving the final payment of PHP 5.2M, scheduled for March 2025, with verification required from our project engineer before the waiver becomes effective."

Document background

The Full Conditional Waiver is a crucial legal instrument in Philippine business and construction practices, designed to provide a structured approach to waiving rights or claims subject to specific conditions being met. This document type is commonly used in situations where one party agrees to waive their rights, typically in exchange for payment or other consideration, but only after certain conditions are satisfied. The Full Conditional Waiver is particularly valuable in construction projects, property developments, and commercial transactions where parties need to manage risk and ensure proper completion of obligations before releasing claims. Under Philippine law, these waivers must comply with the Civil Code's requirements regarding conditional obligations and contract formation. The document includes comprehensive details about the conditions precedent, verification procedures, and the specific rights being waived, making it essential for risk management and project closure procedures.

Suggested Sections

1. Parties: Identification of the party granting the waiver (Releasor) and the party receiving the waiver (Releasee)

2. Background: Context of the underlying transaction or dispute that necessitates the waiver

3. Definitions: Clear definitions of key terms used in the waiver, including 'Claim', 'Effective Date', and specific conditions

4. Conditions Precedent: Detailed description of all conditions that must be satisfied before the waiver becomes effective

5. Waiver and Release: Specific rights, claims, and obligations being waived upon satisfaction of conditions

6. Verification of Condition Fulfillment: Process for confirming and documenting that conditions have been met

7. Effective Date and Operation: When and how the waiver becomes effective upon satisfaction of conditions

8. Representations and Warranties: Statements of fact and assurances from both parties

9. Governing Law: Specification of Philippine law as governing law and relevant jurisdiction

Optional Sections

1. Consideration: Details of any payment or consideration being provided - include if there is monetary or other consideration

2. Partial Effectiveness: Provisions for partial effectiveness if some conditions are met while others are not - include for complex waivers with multiple conditions

3. Dispute Resolution: Specific procedures for resolving disputes - include if standard court jurisdiction is not desired

4. Confidentiality: Provisions regarding confidentiality of the waiver terms - include if sensitive information is involved

5. Survival: Provisions that survive if waiver becomes void - include if certain rights need to be preserved

6. Third Party Rights: Rights of third parties affected by the waiver - include if third parties are involved

7. Severability: Provisions for severability of invalid terms - include for complex waivers

Suggested Schedules

1. Schedule 1 - Conditions Checklist: Detailed checklist of all conditions that must be satisfied

2. Schedule 2 - Form of Condition Satisfaction Notice: Template notice confirming satisfaction of conditions

3. Schedule 3 - Specified Claims: Detailed list of claims being waived

4. Appendix A - Supporting Documents: Copies of relevant underlying agreements or documents

5. Appendix B - Payment Details: Details of any payments or consideration (if applicable)

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

Infrastructure Development

Commercial Development

Manufacturing

Engineering

Financial Services

Government and Public Works

Property Development

Industrial Development

Relevant Teams

Legal

Contracts

Operations

Finance

Risk Management

Compliance

Project Management

Construction Management

Business Development

Property Management

Relevant Roles

Legal Counsel

Contract Manager

Project Manager

Construction Manager

Property Developer

Risk Manager

Financial Controller

Operations Director

Compliance Officer

General Counsel

Chief Legal Officer

Construction Supervisor

Development Manager

Claims Manager

Business Development Manager

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