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Conditional Waiver And Release On Progress Payment

Conditional Waiver And Release On Progress Payment Template for Ireland

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Key Requirements PROMPT example:

Conditional Waiver And Release On Progress Payment

I need a Conditional Waiver and Release on Progress Payment for a 芒鈥毬500,000 progress payment to our main contractor for Phase 2 of our Dublin office development project, ensuring that any claims related to disputed overtime work from January 2025 are preserved.

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Document background
The Conditional Waiver And Release On Progress Payment is a crucial document in Irish construction projects that helps maintain clear payment records and protect the rights of all parties involved. It is typically used when a contractor, subcontractor, or supplier receives a progress payment and needs to provide formal acknowledgment while ensuring their rights are protected until payment is actually received. The document is structured in accordance with Irish law, particularly the Construction Contracts Act 2013, and includes specific details about the payment amount, project information, and any preserved claims. This type of waiver is essential for project owners and contractors to maintain clear records of payments and releases while managing their exposure to potential claims. The conditional nature of the release provides security for the releasing party by ensuring the waiver only takes effect upon receipt of the specified payment.
Suggested Sections

1. Parties: Identifies the claimant/releasing party and the party receiving the release, including their legal status and addresses

2. Background: Brief context of the construction project, the underlying contract, and the progress payment relationship

3. Definitions: Defines key terms including 'Progress Payment', 'Project', 'Contract', and 'Conditional Waiver'

4. Progress Payment Details: Specifies the amount of the progress payment, invoice reference, and payment period covered

5. Conditional Waiver Statement: The core waiver language, specifically stating that the release is conditional upon receipt of the specified payment

6. Rights Reserved: Clearly states what rights are preserved, including claims for retention, unresolved changes, and disputed claims

7. Representations and Warranties: Claimant's confirmation of authority to execute the waiver and that no assignment of rights has occurred

8. Execution: Signature blocks and execution requirements

Optional Sections

1. Subcontractor Confirmation: Used when the releasing party is a subcontractor, confirming payments to lower-tier subcontractors

2. Insurance Claims Reservation: Added when there are ongoing or potential insurance claims related to the work

3. Dispute Re红杏直播: Included when parties want to specify how any disputes about the waiver will be resolved

4. Bond Claims: Required when performance or payment bonds are involved in the project

5. VAT Statement: Added when VAT handling needs specific attention in the payment and release

Suggested Schedules

1. Schedule A - Payment Details: Detailed breakdown of the progress payment amount, including any adjustments or deductions

2. Schedule B - Outstanding Claims List: List of any preserved claims or disputed amounts not covered by the waiver

3. Appendix 1 - Project Details: Specific details of the construction project, including location and contract reference numbers

4. Appendix 2 - Supporting Documents: Copies of relevant payment applications, invoices, or other supporting documentation

Authors

Alex Denne

Head of Growth (Open Source Law) @ 红杏直播 | 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

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Legal

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Project Manager

Construction Manager

Quantity Surveyor

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Financial Controller

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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, 聽Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination, 聽Severance Pay, Governing Law, Entire Agreemen

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