Partial Lien Waiver & Release (Construction)

This legal template, titled "Partial Lien Waiver & Release (Construction)", typically pertains to the construction industry and serves as a standardized document used in contractual agreements between parties involved in a construction project. A partial lien waiver and release is a legal instrument that allows a contractor, subcontractor, or supplier (referred to as the "claimant") to waive or release their right to file a lien against a specific portion of the property or project, in exchange for receiving partial payment for work completed or materials supplied.

The purpose of this template is to establish a formal agreement between the claimant and the owner, general contractor, or another party responsible for payment (referred to as the "owner" or "payor"). With this template, the claimant acknowledges receipt of payment for a specified portion of the work or materials, agreeing to discharge their lien rights only for that part of the project. This protects the owner from potential liens being filed against the entire property, while allowing the claimant to recover a portion of their payment.

The contents of this template usually include the names and contact details of the claimant and the owner, a description of the construction project, the amount of payment received, a specific waiver and release statement, and any additional terms or conditions agreed upon. Both parties should carefully review and understand the terms before signing the document, ensuring compliance with local laws and regulations governing lien waivers and releases.

The "Partial Lien Waiver & Release (Construction)" template provides a legally binding agreement that aids in the smooth progress of construction projects by helping mitigate disputes, protecting the owner's property interests, and facilitating timely payments to contractors, subcontractors, and suppliers.