Conditional Waiver And Release On Final Payment Template for Nigeria

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Key Requirements PROMPT example:

Conditional Waiver And Release On Final Payment

"I need a Conditional Waiver and Release on Final Payment document for a Nigerian construction project where my company is the general contractor releasing claims against the property owner upon receipt of final payment of ₦150 million, with specific reservations for disputed change orders."

Document background

The Conditional Waiver And Release On Final Payment is a crucial document used in Nigerian construction and development projects to facilitate project closeout and final payment processes. It is typically executed when a contractor, subcontractor, or supplier is ready to receive final payment for their work and is willing to waive their rights to make future claims, subject to actually receiving the payment. The document balances the interests of both parties by providing assurance to the paying party that no further claims will be made while protecting the payee's rights until payment is actually received and cleared. Under Nigerian law, this document must clearly specify the payment amount, conditions for release, and any excluded claims. It's particularly important in large construction projects where multiple parties may have lien rights or potential claims against the project.

Suggested Sections

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

2. Background: Brief description of the underlying project, contract, and context for the waiver and release

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

4. Final Payment Amount: Specification of the exact amount constituting final payment, including any adjustments or deductions

5. Scope of Waiver and Release: Detailed description of the rights, claims, and liens being waived upon satisfaction of conditions

6. Conditions Precedent: Clear statement of conditions that must be met for the waiver to become effective, primarily the receipt of final payment

7. Payment Verification: Process and requirements for verifying that final payment has been received and cleared

8. Exceptions and Reservations: Any claims or rights specifically excluded from the waiver and release

9. Representations and Warranties: Statements confirming authority to execute, absence of prior assignments, and other key assurances

10. Governing Law and Jurisdiction: Specification of Nigerian law as governing law and relevant jurisdiction

Optional Sections

1. Dispute Resolution: Detailed procedures for resolving disputes, recommended when parties want to specify alternative dispute resolution methods

2. Subcontractor Releases: Requirements for obtaining releases from subcontractors, needed when the waiving party has engaged subcontractors

3. Survival Clause: Specification of provisions that survive the waiver, recommended for complex projects

4. Notices: Communication procedures and addresses, recommended for ongoing projects or when future notifications may be needed

5. Severability: Provision for maintaining validity if parts are found unenforceable, recommended for complex agreements

6. Third-Party Rights: Addressing rights of third parties, needed when project involves multiple stakeholders

Suggested Schedules

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

2. Schedule B - Payment Details: Breakdown of final payment amount, including any adjustments or deductions

3. Schedule C - Prior Payments Register: List of all previous payments received under the contract

4. Appendix 1 - Form of Payment Verification: Standard form for documenting receipt and clearance of final payment

5. Appendix 2 - Subcontractor Releases: Templates or copies of releases obtained from subcontractors

6. Appendix 3 - Outstanding Claims Declaration: Declaration form listing any excluded or reserved claims

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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Construction

Real Estate Development

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Commercial Property

Residential Development

Industrial Construction

Government Infrastructure

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Healthcare Construction

Educational Facilities

Relevant Teams

Legal

Finance

Operations

Project Management

Commercial

Risk Management

Contract Administration

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Project Manager

Construction Manager

Contract Administrator

Legal Counsel

Chief Financial Officer

Project Director

Site Supervisor

Quantity Surveyor

Claims Manager

Commercial Director

Project Coordinator

Finance Manager

Construction Director

Operations Manager

Risk Manager

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A Nigerian law-governed document facilitating the unconditional waiver of rights or claims between parties, with comprehensive protection mechanisms and compliance with local regulations.

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