Unconditional Waiver And Release On Final Payment Template for Ireland

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Key Requirements PROMPT example:

Unconditional Waiver And Release On Final Payment

"I need an Unconditional Waiver and Release on Final Payment for our Dublin shopping center development project, where we're the main contractor releasing 15 subcontractors upon final payment of €5.2M, with completion scheduled for March 2025."

Document background
The Unconditional Waiver And Release On Final Payment is a crucial document used in Irish construction projects when making final payment to contractors, subcontractors, or suppliers. It is typically executed when all work has been completed and the final payment is ready to be released. This document, governed by Irish law and complying with the Construction Contracts Act 2013, provides certainty to project owners and upper-tier contractors that no further claims will be made once final payment is received. It includes specific details about the project, payment amount, and scope of work, and upon execution, unconditionally waives all rights to claims, liens, and further compensation. This type of waiver is particularly important in large construction projects where multiple parties are involved and clear documentation of project closure is essential.
Suggested Sections

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

2. Background: Brief description of the project, original contract, and context for the final payment and waiver

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

4. Final Payment Amount: Specific amount of the final payment being received, including VAT details

5. Acknowledgment of Payment: Confirmation that the final payment has been received in full

6. Scope of Release: Comprehensive description of what claims and rights are being waived

7. Unconditional Nature: Clear statement that the waiver is unconditional and immediately effective upon execution

8. Representations and Warranties: Confirming authority to execute and that all lower-tier obligations have been met

9. Governing Law: Specification that Irish law governs the waiver

10. Execution: Signature blocks and execution requirements

Optional Sections

1. Retention Release: Used when the final payment includes release of retained amounts, specifying the retention sum being released

2. Exceptions: Used when specific claims or rights are being preserved despite the general release

3. Third-Party Claims: Used when addressing potential claims from subcontractors or suppliers

4. Insurance Claims: Used when preserving or addressing ongoing insurance claims

5. Dispute Resolution: Used when there are specific dispute resolution procedures to be followed for any preserved claims

Suggested Schedules

1. Schedule 1 - Project Details: Detailed description of the project, including location, contract reference numbers, and scope of work

2. Schedule 2 - Payment Details: Breakdown of the final payment amount, including any retention release, VAT, and previous payments

3. Schedule 3 - Subcontractor List: List of all subcontractors and suppliers who have provided similar waivers

4. Appendix A - Original Contract Reference: Key details from the original contract including date, parties, and basic scope

5. Appendix B - Payment History: Summary of all payments made under the contract to date

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

Relevant legal definitions
Relevant Industries

Construction

Real Estate

Infrastructure

Commercial Development

Residential Development

Industrial Development

Healthcare Construction

Education Construction

Retail Development

Energy and Utilities

Relevant Teams

Legal

Construction

Commercial

Finance

Operations

Project Management

Contract Administration

Risk Management

Procurement

Development

Relevant Roles

Construction Project Manager

Contract Administrator

Commercial Director

Project Director

Construction Manager

Quantity Surveyor

Legal Counsel

Finance Manager

Operations Director

Claims Manager

Project Controller

Site Manager

Procurement Manager

Development Manager

Industries
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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