The Conditional Waiver And Release On Progress Payment is a crucial document in Singapore's construction and development industry, designed to facilitate smooth payment processes while protecting all parties' interests. It is typically used when a contractor or subcontractor receives a progress payment and needs to provide assurance to the paying party that certain claims and lien rights will be waived, but only upon actual receipt of the specified payment. The document operates within Singapore's legal framework, particularly under SOPA, and includes specific details about the payment amount, project information, and the precise scope of the release. It serves as a vital risk management tool in construction projects, balancing the interests of payment security and project progression.
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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 Singapore commercial building project, where my company will receive SGD 2.5 million as the third progress payment in March 2025, with specific provisions for retaining rights related to disputed variation orders."
1. Identification of Parties: Details of the claimant/contractor and the party making the progress payment
2. Project Information: Specific details about the construction project, including location and contract reference
3. Payment Details: Amount of progress payment, payment period, and reference to relevant payment claims
4. Conditional Waiver Statement: Clear statement of the conditional nature of the waiver and specific conditions for effectiveness
5. Rights Reserved: Explicit statement of any rights retained by the claimant
1. Previous Payments: Reference to prior payments when dealing with multiple progress payments - use for projects with multiple payment stages
2. Disputed Claims: Provisions regarding disputed amounts or claims - use when there are ongoing disputes or potential claims
3. Third Party Rights: Provisions affecting rights of subcontractors or suppliers - use when subcontractors or suppliers are involved
1. Payment Calculation Schedule: Detailed breakdown of the progress payment amount
2. Project Scope Schedule: Description of work completed for this payment phase
3. Supporting Documents: Copies of relevant invoices, payment claims, or certificates
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