Unconditional Waiver And Release On Final Payment Template for England and Wales

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Unconditional Waiver And Release On Final Payment

"I need an Unconditional Waiver And Release On Final Payment for a construction project worth £2.5M, where we're the main contractor receiving final payment from the property developer on March 15, 2025, and we need to ensure all our subcontractors are covered in the release."

Document background

The Unconditional Waiver And Release On Final Payment is typically used at the completion of projects or contracts when final payment is being made. This document, governed by English and Welsh law, provides the paying party with assurance that no further claims will be made once payment is complete. It includes details of the final payment amount, confirmation of receipt, and comprehensive release language. The document is particularly important in construction and commercial contracts where multiple parties and payment stages are involved, and where clear documentation of project completion and payment satisfaction is essential.

Suggested Sections

1. Parties: Identifies and defines the parties to the waiver, including their registered addresses and company details if applicable

2. Background: Sets out the context of the original agreement, work performed, and circumstances leading to final payment

3. Definitions: Defines key terms used throughout the document including 'Final Payment', 'Claims', and 'Original Agreement'

4. Payment Acknowledgment: Confirms receipt of final payment amount and states the exact sum received

5. Waiver Statement: Contains the core waiver language releasing all claims, liens, and rights related to the original agreement

6. Execution: Contains signature blocks, execution provisions, and witness requirements

Optional Sections

1. Exceptions to Waiver: Used when specific claims need to be preserved or excluded from the general waiver

2. Representations and Warranties: Used in complex transactions to provide additional assurances about the releasing party's authority and rights being waived

3. Further Assurance: Used when parties might need to execute additional documents in the future to give effect to the waiver

Suggested Schedules

1. Schedule of Payments: Detailed breakdown of all payments made under the original agreement including the final payment

2. Original Agreement Reference: Summary or copy of the agreement being settled, including key terms and dates

3. Outstanding Claims Schedule: List of any claims specifically preserved or excepted from the waiver

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co

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

Authors

Alex Denne

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