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Conditional Waiver And Release On Progress Payment

Conditional Waiver And Release On Progress Payment Template for Denmark

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Conditional Waiver And Release On Progress Payment

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The Conditional Waiver and Release on Progress Payment document is a crucial instrument in Danish construction projects, used when contractors, subcontractors, or suppliers receive progress payments for completed work. It serves as a formal acknowledgment that, upon receipt of a specified payment, the releasing party waives certain rights and claims relating to the work completed during that payment period. This document type is particularly important in the Danish construction industry, where it helps maintain clear payment records and prevent duplicate claims while complying with local construction laws and regulations. The conditional nature of the waiver ensures that the releasing party maintains their rights until actual payment is received, providing protection for all parties involved in the construction process.
Suggested Sections

1. Parties: Identification of the Claimant (contractor/subcontractor/supplier) and the Property Owner/General Contractor

2. Background: Brief context of the underlying construction project and contract

3. Definitions: Key terms used in the document including 'Progress Payment', 'Through Date', and 'Project'

4. Progress Payment Amount: Specification of the payment amount and payment period covered by this waiver

5. Conditional Waiver Statement: Clear statement that the waiver and release take effect only upon receipt of the specified payment

6. Scope of Release: Details of what claims and rights are being waived, specifically limited to the progress payment period

7. Exceptions and Reservations: Claims and rights specifically excluded from the waiver and release

8. Signature and Date: Execution section including date and authorized signatures

Optional Sections

1. Disputed Claims: Section for listing any disputed claims or amounts not covered by this waiver, used when there are ongoing disputes

2. Retention Rights: Section addressing retention amounts when applicable, specifying that retention rights are not affected by this waiver

3. Prior Payment Confirmation: Confirmation of receipt of previous progress payments, used when there's a history of payments

4. Insurance Claims: Section preserving rights related to insurance claims, used when there are pending or potential insurance matters

5. Bond Rights: Section addressing performance or payment bond rights, used when bonds are part of the project

Suggested Schedules

1. Schedule A - Project Details: Detailed description of the project, including address and scope of work

2. Schedule B - Payment Details: Breakdown of the progress payment amount and calculation method

3. Schedule C - Outstanding Change Orders: List of pending change orders and their status

4. Appendix 1 - Supporting Documents: Copies of relevant payment applications, invoices, or other supporting documentation

5. Appendix 2 - Authorization Evidence: Documentation proving the signer's authority to execute the waiver on behalf of the claimant

Authors

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Relevant Industries
Relevant Teams
Relevant Roles
Industries
Danish Contracts Act (Aftaleloven): The fundamental law governing formation and validity of contracts in Denmark, including provisions for conditional agreements and waivers
Danish Construction Contracts Act (AB 18): General conditions for building and construction works, including provisions for progress payments and payment certificates
Danish Interest Act (Renteloven): Regulates payment terms and interest on late payments in commercial transactions, including construction payments
Danish Registration of Property Act (Tinglysningsloven): Governs the registration of security interests in real property, including construction liens and their release
Danish Bankruptcy Act (Konkursloven): Relevant for understanding the implications of waivers and releases in case of contractor insolvency
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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