Conditional Waiver And Release On Final Payment

Conditional Waiver And Release On Final Payment Template for Germany

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Key Requirements PROMPT example:

"I need a Conditional Waiver and Release on Final Payment under German law for a €2.5M commercial building project in Munich, where I'm the general contractor and need to ensure all subcontractor claims are properly addressed before the final payment scheduled for March 2025."

Document background

The Conditional Waiver And Release On Final Payment is a critical document used in German construction and development projects to facilitate clean project closeouts. It is typically implemented when a contractor, subcontractor, or supplier is ready to receive final payment for their work or services. The document combines the requirements of German civil law, particularly the BGB provisions on conditional contracts and releases, with practical construction industry needs. It includes detailed information about the final payment amount, the scope of claims being released, and any exceptions to the release. The conditional nature of the release provides protection for both parties - the releasing party maintains their rights until payment is received, while the paying party receives comprehensive release upon making the payment. This document is particularly important in German jurisdiction where strict formality requirements must be met for valid releases and waivers.

Suggested Sections

1. Parties: Identification of the releasing party (contractor/subcontractor) and the party receiving the release (owner/general contractor)

2. Background: Reference to the original contract, project details, and context of the final payment and release

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

4. Final Payment Amount: Specification of the final payment amount and payment details

5. Conditional Release: Terms of the release, explicitly stating it becomes effective only upon receipt of final payment

6. Scope of Release: Detailed description of claims, rights, and liens being waived upon final payment

7. Exceptions from Release: Claims or rights specifically excluded from the waiver

8. Representations and Warranties: Releasing party's confirmations regarding authority, ownership of claims, and absence of assignments

9. Governing Law: Confirmation of German law application and jurisdiction

10. Execution: Signature blocks and execution requirements

Optional Sections

1. Lower-Tier Claims: Section addressing waiver of claims from subcontractors and suppliers, used when the releasing party has subcontractors

2. Retained Rights: Section specifying rights maintained despite the release, used when specific claims need to be preserved

3. Insurance Claims: Section addressing treatment of insurance-related claims, used when there are ongoing or potential insurance matters

4. Dispute Resolution: Specific procedures for resolving disputes about the release, used in high-value or complex projects

5. Severability: Clause addressing partial invalidity, used in complex releases or when required by specific project circumstances

6. Language Requirements: Section addressing German/English language versions, used when dual-language versions are needed

Suggested Schedules

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

2. Project Identification Schedule: Detailed description of the project and work performed

3. Original Contract Schedule: Copy or summary of the original contract details and any amendments

4. Subcontractor Releases: Copies of releases from subcontractors and suppliers (if applicable)

5. Payment Confirmation Form: Form for confirming receipt of final payment

6. Authorization Documentation: Evidence of authority to execute the release (if required)

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok��˰� | 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

Real Estate Development

Infrastructure

Commercial Property

Residential Development

Industrial Construction

Public Works

Energy Infrastructure

Transportation Infrastructure

Manufacturing Facilities

Relevant Teams

Legal

Finance

Construction

Project Management

Commercial

Risk Management

Procurement

Contract Administration

Development

Operations

Relevant Roles

Project Manager

Construction Manager

Contract Administrator

Legal Counsel

Finance Director

Chief Financial Officer

Project Director

Site Manager

Procurement Manager

Claims Manager

Risk Manager

Commercial Director

Development Manager

Construction Director

General Counsel

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Let's create your Conditional Waiver And Release On Final Payment

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