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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."
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
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
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
Release of Claims
Waiver of Rights
Representations and Warranties
Payment Terms
Scope of Release
Conditions Precedent
Exceptions and Reservations
Governing Law
Interpretation
Warranties
Authority
Binding Effect
Severability
Entire Agreement
Further Assurance
Retention Release
Subcontractor Relations
Execution
Notice
VAT and Taxation
Dispute Resolution
Amendment
Assignment
Third Party Rights
Counterparts
Construction
Real Estate
Infrastructure
Commercial Development
Residential Development
Industrial Development
Healthcare Construction
Education Construction
Retail Development
Energy and Utilities
Legal
Construction
Commercial
Finance
Operations
Project Management
Contract Administration
Risk Management
Procurement
Development
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
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