Document background
The Conditional Waiver And Release On Progress Payment is a crucial document in Singapore's construction and development industry, designed to facilitate smooth payment processes while protecting all parties' interests. It is typically used when a contractor or subcontractor receives a progress payment and needs to provide assurance to the paying party that certain claims and lien rights will be waived, but only upon actual receipt of the specified payment. The document operates within Singapore's legal framework, particularly under SOPA, and includes specific details about the payment amount, project information, and the precise scope of the release. It serves as a vital risk management tool in construction projects, balancing the interests of payment security and project progression.
