Conditional Waiver And Release On Progress Payment Template for Nigeria

The Conditional Waiver And Release On Progress Payment is a critical document in Nigerian construction law that helps manage payment-related risks and lien rights in construction and development projects. It is typically used when a contractor, subcontractor, or supplier is receiving a progress payment and needs to provide assurance to the paying party that claims and liens will be waived, but only upon actual receipt of the specified payment. This document is essential in Nigeria's construction industry where progress payments are standard practice and parties need to balance payment security with project progression. The document includes key information such as the payment amount, project details, party information, and specific claims being waived, while carefully preserving rights to unpaid retention, pending change orders, and disputed items. It reflects Nigerian contract law requirements and construction industry practices, providing a standardized approach to managing payment-related obligations and rights.

1. Parties: Identifies the parties to the agreement, including the Contractor/Claimant and the Party making the progress payment

2. Background: Brief context about the project, existing contract, and the progress payment that this waiver relates to

3. Definitions: Defines key terms used in the document, including 'Progress Payment', 'Conditional Waiver', 'Project', and 'Effective Date'

4. Progress Payment Details: Specifies the amount of the progress payment and the period or work it covers

5. Conditional Waiver Statement: The core waiver language stating that rights are waived only upon receipt of the specified payment

6. Reservation of Rights: Clearly states what rights are retained, including claims for retention, unbilled work, and extras

7. Warranties and Representations: Contractor's warranties regarding work completed and absence of liens

8. Execution: Signature block and execution requirements