All Countries
Real Estate
Unconditional Waiver And Release On Final Payment

Unconditional Waiver And Release On Final Payment Template for Malaysia

Create a bespoke document in minutes,  or upload and review your own.

4.6 / 5
4.8 / 5

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

Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.

Get your first 2 documents free

Your data doesn't train Genie's AI

You keep IP ownership of your information

Key Requirements PROMPT example:

Unconditional Waiver And Release On Final Payment

"I need an Unconditional Waiver and Release on Final Payment for a residential development project in Kuala Lumpur, where our company will receive final payment of RM 2.5 million in March 2025 as the main contractor, and we need to ensure all subcontractor claims are properly addressed."

Celebrated by
Collaborations with
Investors
Document background
The Unconditional Waiver And Release On Final Payment is a crucial document used in Malaysian construction and development projects to formally conclude financial obligations between parties. It is typically executed when a contractor, subcontractor, or supplier receives their final payment for completed work or services. The document serves as conclusive evidence that all payments have been received and that the receiving party waives any future rights to claims or liens related to the project. Under Malaysian law, particularly the Contracts Act 1950 and CIPAA 2012, this waiver provides legal certainty and protection for all parties involved, helping to prevent future disputes and clearly marking the financial completion of a project phase or entire project.
Suggested Sections

1. Parties: Identifies all parties to the waiver, including the releasing party (typically contractor/subcontractor) and the released party (typically owner/contractor)

2. Background: Brief context about the project, original contract, and the circumstances leading to final payment

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

4. Acknowledgment of Receipt: Confirmation of receipt of the final payment amount, including the specific sum received

5. Waiver and Release: Core section detailing the unconditional waiver of all rights, claims, and liens upon receipt of payment

6. Scope of Release: Detailed description of what rights, claims, and demands are being waived and released

7. Representations and Warranties: Confirming that all subcontractors and suppliers have been paid and no outstanding claims exist

8. Governing Law: Specifies that Malaysian law governs the waiver and release

Optional Sections

1. Exceptions to Release: Used when certain claims or rights need to be specifically preserved or excluded from the waiver

2. Conditional Provisions: Include when certain aspects of the release are contingent on specific future events or conditions

3. Dispute Resolution: Added when parties want to specify particular dispute resolution mechanisms for any conflicts arising from the waiver

4. Indemnification: Include when additional indemnification provisions are required beyond the basic release

5. Severability: Optional clause stating that if any provision is found invalid, others remain enforceable

Suggested Schedules

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

2. Schedule B - Payment Details: Breakdown of the final payment amount and confirmation of previous payments received

3. Schedule C - Subcontractor Releases: Copies of releases from subcontractors and suppliers (if applicable)

4. Appendix 1 - Original Contract Reference: Summary or extract of relevant portions of the original contract being closed out

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

Linkedin in social icon imageX social icon image
alex.den.21@genieai.co
Relevant Industries

Construction

Real Estate Development

Infrastructure

Commercial Property

Industrial Development

Residential Development

Engineering

Architecture

Project Management

Facilities Management

Relevant Teams

Legal

Finance

Operations

Commercial

Project Management

Contract Administration

Risk Management

Construction Management

Development

Relevant Roles

Project Manager

Construction Manager

Contract Administrator

Legal Counsel

Chief Financial Officer

Quantity Surveyor

Project Director

Finance Manager

Commercial Director

Operations Director

Claims Manager

Risk Manager

Development Manager

Industries
Contracts Act 1950: The primary legislation governing contract formation, validity, and enforcement in Malaysia. It defines requirements for valid contracts, including aspects of consideration and capacity to contract, which are essential for a waiver agreement.
Construction Industry Payment and Adjudication Act 2012 (CIPAA): Regulates payment processes in construction contracts and provides the framework for handling payment disputes. Relevant for understanding the final payment mechanisms and their legal implications.
Limitation Act 1953: Sets time limits for bringing legal actions. Important for specifying the period within which any claims must be made and understanding the implications of waiver on future claims.
Specific Relief Act 1950: Provides the legal framework for enforcement of contracts and remedies available. Relevant for understanding how the waiver can be enforced and its legal effects.
Civil Law Act 1956: Supplements the Contracts Act and provides additional principles for contract interpretation and enforcement, including principles derived from English common law.
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

Find the exact document you need

Landlord Lien Waiver

A Malaysian law agreement where a landlord waives their right to seize tenant's property that is subject to third-party security interests.

find out more

Final Unconditional Lien Waiver

A Malaysian legal document that permanently waives a contractor's or supplier's right to place a lien on property for work performed or materials supplied.

find out more

Release Of Lien On Real Property

A Malaysian legal document that formally releases a lien holder's interest in real property, governed by the National Land Code 1965.

find out more

Interim Lien Waiver

A Malaysian legal document that provides a partial waiver of construction lien rights in exchange for progress payments under Malaysian construction law.

find out more

Conditional Lien Release

A Malaysian legal document that conditionally waives a contractor's lien rights against a property, typically pending payment receipt under CIPAA 2012.

find out more

Construction Lien Release

A Malaysian legal document that releases construction liens and payment claims against a property following receipt of payment for construction work.

find out more

Partial Lien Release

A Malaysian law-governed document that releases a specific portion of property from an existing lien while maintaining the lien on the remaining property.

find out more

Conditional Waiver And Release On Progress Payment

A Malaysian legal document that conditionally waives construction lien rights upon receipt of a specific progress payment, in compliance with CIPAA 2012.

find out more

Unconditional Waiver And Release On Final Payment

A Malaysian law-governed waiver that unconditionally releases all claims upon receipt of final payment in construction projects.

find out more

Final Waiver Of Lien

A Malaysian legal document where a contractor waives their right to place a lien on a property after receiving final payment for construction work performed.

find out more

Download our whitepaper on the future of AI in Legal

By providing your email address you are consenting to our Privacy Notice.
Thank you for downloading our whitepaper. This should arrive in your inbox shortly. In the meantime, why not jump straight to a section that interests you here: https://www.genieai.co/our-research
Oops! Something went wrong while submitting the form.

Genie’s Security Promise

Genie is the safest place to draft. Here’s how we prioritise your privacy and security.

Your documents are private:

We do not train on your data; Genie’s AI improves independently

All data stored on Genie is private to your organisation

Your documents are protected:

Your documents are protected by ultra-secure 256-bit encryption

Our bank-grade security infrastructure undergoes regular external audits

We are ISO27001 certified, so your data is secure

Organizational security

You retain IP ownership of your documents

You have full control over your data and who gets to see it

Innovation in privacy:

Genie partnered with the Computational Privacy Department at Imperial College London

Together, we ran a £1 million research project on privacy and anonymity in legal contracts

Want to know more?

Visit our Trust Centre for more details and real-time security updates.

Read our Privacy Policy.