Unconditional Waiver And Release On Final Payment Form

Unconditional Waiver And Release On Final Payment Form Template for Nigeria

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Key Requirements PROMPT example:

"I need an Unconditional Waiver and Release on Final Payment Form for a major commercial construction project in Lagos, with a final payment of ₦100 million, involving multiple subcontractors, scheduled for completion in March 2025, requiring provisions for both retention release and subcontractor confirmations."

Document background

The Unconditional Waiver And Release On Final Payment Form is a critical document in Nigerian construction and development projects, used when a contractor or subcontractor receives final payment for their work. This document is particularly important in the Nigerian legal context, where clear documentation of payment completion and rights waiver is essential for project closure. It typically includes detailed information about the project, parties involved, payment amount, and specific rights being waived. The form serves as protection for property owners and developers against future claims while providing contractors with a standardized process for receiving final payment. It's commonly used in both private and public construction projects throughout Nigeria and must comply with Nigerian contract law and construction industry regulations.

Suggested Sections

1. Parties: Identification of the party providing the waiver (typically contractor/subcontractor) and the party receiving the waiver (typically the property owner/general contractor)

2. Background: Brief context of the original contract or work performed, including reference to the project and original agreement details

3. Definitions: Key terms used in the waiver, including 'Final Payment', 'Project', 'Property', and 'Claims'

4. Final Payment Amount: Clear statement of the final payment amount being received in exchange for the waiver

5. Waiver and Release: Core section detailing the unconditional waiver of rights, claims, and liens upon receipt of final payment

6. Representations and Warranties: Statements confirming that all work has been completed, all subcontractors and suppliers have been paid, and the signatory has authority to execute the waiver

7. Execution: Signature block with date and witness requirements per Nigerian law

Optional Sections

1. Exceptions to Waiver: Optional section listing any specific claims or rights that are not being waived, used when certain disputes or claims need to be preserved

2. Retention Release: Specific section addressing the release of any retained amounts, used when retention was part of the original agreement

3. Subcontractor Confirmation: Additional section confirming all subcontractors have been paid, used in larger projects with multiple subcontractors

4. Notarization Block: Optional notarization section, used when additional formality is required or for high-value projects

Suggested Schedules

1. Schedule A - Project Details: Details of the project including location, scope, and original contract reference

2. Schedule B - Payment History: Summary of all previous payments made and confirmation of final payment amount

3. Appendix 1 - Subcontractor Waivers: Copies of similar waivers from all subcontractors, if applicable

4. Appendix 2 - Proof of Payment: Documentation confirming receipt of final payment

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

Oil and Gas

Commercial Property

Residential Development

Industrial Development

Mining

Energy

Transportation

Relevant Teams

Legal

Finance

Construction

Project Management

Commercial

Procurement

Operations

Contract Administration

Risk Management

Compliance

Relevant Roles

Project Manager

Construction Manager

Contract Administrator

Legal Counsel

Finance Manager

Quantity Surveyor

Site Manager

Procurement Manager

Chief Financial Officer

Construction Director

Commercial Director

Legal Director

Claims Manager

Project Coordinator

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Unconditional Waiver Form

A Nigerian law-governed document facilitating the unconditional waiver of rights or claims between parties, with comprehensive protection mechanisms and compliance with local regulations.

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Let's create your Unconditional Waiver And Release On Final Payment Form

Authors

Alex Denne

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