Document background
The Conditional Waiver And Release On Progress Payment is a crucial document in Indian construction and development projects, designed to facilitate smooth payment processes while protecting all parties' interests. It is typically used when a contractor, subcontractor, or supplier receives a progress payment for work completed during a specific period. The document provides assurance to the paying party that once payment is received, the payee waives certain rights and claims up to the payment amount, while protecting the payee by making the waiver conditional upon actual receipt of payment. This document type is particularly important in large-scale construction projects where multiple parties are involved and progressive payments are standard practice. It helps maintain clear payment records, prevents double payments, and reduces payment-related disputes while complying with Indian contract law requirements.
