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Conditional Waiver And Release On Final Payment

Conditional Waiver And Release On Final Payment Template for Australia

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Key Requirements PROMPT example:

Conditional Waiver And Release On Final Payment

"I need a Conditional Waiver and Release on Final Payment for a residential development project in New South Wales, where I'm the principal contractor releasing claims against the property developer upon receiving the final payment of AUD 2.5M, scheduled for March 2025."

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Document background
The Conditional Waiver And Release On Final Payment is a crucial document used in Australian construction and development projects when works are completing and final payment is due. It serves as a formal mechanism to close out projects while protecting both parties' interests - the paying party receives assurance against future claims, while the releasing party maintains their rights until payment is received. This document is particularly important in the context of Australian security of payment legislation, which varies by state but maintains similar principles across jurisdictions. The document typically includes details of the final payment amount, scope of the release, excluded claims, and conditions precedent to the release becoming effective. It's commonly used in conjunction with final payment applications and may require supporting statutory declarations in certain jurisdictions.
Suggested Sections

1. Parties: Identification of the Claimant (party providing the release) and the Owner/Contractor (party receiving the release)

2. Background: Brief description of the project, original contract, and context for the final payment and release

3. Definitions: Key terms including 'Final Payment', 'Project', 'Contract', 'Claims', and 'Effective Date'

4. Final Payment Amount: Specific statement of the final payment amount that triggers the release

5. Conditional Nature of Release: Clear statement that the release only becomes effective upon receipt of final payment

6. Scope of Release: Detailed description of what claims, rights, and liens are being released

7. Excluded Claims: Specific listing of any claims or rights that are not being released

8. Representations and Warranties: Claimant's confirmation of authority to execute the release and that no claims have been assigned

9. Execution: Signature blocks and execution requirements

Optional Sections

1. Subcontractor Confirmation: Section confirming all subcontractors and suppliers have been paid, used when the releasing party is a general contractor

2. Retention Release: Specific provisions regarding the release of retention monies, included when retention has been held

3. Statutory Declaration: Required in some Australian jurisdictions to confirm payment of workers and subcontractors

4. Insurance Claims: Special provisions regarding ongoing or potential insurance claims, included when there are outstanding insurance matters

5. Trust Account Provisions: Required when payment is being made through a project trust account under Queensland legislation

Suggested Schedules

1. Schedule A - Payment Details: Detailed breakdown of the final payment amount, including any adjustments or deductions

2. Schedule B - Project Details: Specific description of the project scope and location

3. Schedule C - Outstanding Claims List: List of any specifically excluded or reserved claims

4. Appendix 1 - Statutory Declaration Form: Standard form statutory declaration as required by applicable state legislation

5. Appendix 2 - Subcontractor Releases: Copies of releases from subcontractors and suppliers (if applicable)

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok³ÉÈË°æ | 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

Property Development

Infrastructure

Commercial Real Estate

Residential Development

Mining

Industrial Construction

Public Works

Civil Engineering

Building and Construction

Relevant Teams

Legal

Construction

Commercial

Finance

Operations

Project Management

Contract Administration

Risk Management

Procurement

Claims

Relevant Roles

Project Manager

Construction Manager

Contract Administrator

Legal Counsel

Commercial Manager

Quantity Surveyor

Site Manager

Development Manager

Finance Manager

Operations Director

Claims Manager

Procurement Manager

Industries







Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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