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

This legal template refers to a document that provides a waiver and release of lien and payment bond rights specifically related to interim payments in the state of Georgia. Essentially, it is a contractual agreement between parties involved in a construction or improvement project, where a lienholder or party with payment bond rights agrees to waive their right to file a lien or make a claim against the payment bond for future interim payments. By signing this document, the party acknowledges that they have received payment for the work done thus far and releases any claims or future actions against the property or payment bond for the amounts covered by the interim payment. This waiver and release of lien and payment bond rights aims to protect the property owner and other parties involved in the project from potential legal disputes or financial liabilities in the future.