Waiver and Release of Lien and Payment Bond Rights Upon Final Payment (Georgia)

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About this template
This legal template is a document used in Georgia to waive and release any lien and payment bond rights that a party may have upon receiving final payment for a project or services. It serves as a formal agreement between the party who is owed payment (referred to as the "Claimant") and the party who makes the final payment (referred to as the "Obligor").

The purpose of this template is to ensure that the Claimant is acknowledging receipt of full payment and is willing to release all lien and payment bond rights concerning the project in question. By signing this document, the Claimant relinquishes any legal claim or right to place a lien on the property or to file a claim against the payment bond related to the project.

This template typically includes important information such as the names and addresses of both parties (Claimant and Obligor), a detailed description of the project or services rendered, the total amount of final payment received, and the date of receipt. It may also stipulate the obligations of both parties regarding the release of liens and payment bond rights.

The purpose of this template is to ensure clarity and transparency in the final payment process, preventing any potential future disputes or legal challenges related to unpaid amounts or outstanding liens. It provides a formal and legally binding agreement between the parties involved, protecting the interests of both the Claimant and the Obligor.
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