The Unconditional Waiver And Release On Final Payment is a crucial document in Singapore's construction and development industry, designed to provide clear closure to payment obligations. It is typically used when a contractor, subcontractor, or supplier has received all payments due under a contract and is willing to waive any further claims. This document, governed by Singapore law and particularly the Building and Construction Industry Security of Payment Act, ensures that once final payment is received, the releasing party surrenders all rights to make future claims related to the work, including mechanic's liens, payment claims, and other demands. It serves as a definitive end to payment obligations and provides security for project owners and developers.
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1. Identification of Parties: Details of the Claimant/Releasing Party and the Party being released
2. Project Information: Specific details about the project or work performed
3. Payment Acknowledgment: Confirmation of receipt of final payment amount
4. Waiver Statement: Clear statement of rights being waived
5. Execution Block: Signature blocks and date of execution
1. Retained Rights: Specific rights or claims being retained, used when certain claims need to be preserved
2. Warranties: Warranties about the waiver, used in complex projects
3. Governing Law: Explicit statement of governing law, used in cross-border projects
1. Payment Schedule: Detailed breakdown of payments received
2. Project Scope: Description of work completed, used in complex projects
3. Related Agreements: List of related contracts or agreements being referenced
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