Home>Levelset Community>Legal Help>Final Payment lien, proper dollar amount inputs

Final Payment lien, proper dollar amount inputs

ArizonaLien Waivers

Regarding filling out liens. As a GC, the bank is requiring my Subs to fill out partial and final lien waivers. The Partial waiver seams self explanatory in filing out. The Final Payment lien is not as clear. Bank is asking for Unconditional Waiver of Release for Final Payment. Getting past the Job Name, Contractor, and such I come to "hereby release any mechanic's lien, . . . . in the amount of $" ? is this in the amount to the full SubContractor Contract amount or just the amount of final payment. The SC has signed, and received money, one or more Partial Liens. Final line, after the signing, is "Amount Paid". ? again, is this the full amount of the SC Contract or just the final payment amount? Thanks

1 reply

Nov 19, 2020
There are four types of statutory waivers and releases that are to be used to waive and release a lien and payment rights during and after construction: (1) Conditional release upon progress payment (2) Conditional release upon final payment (3) Unconditional release upon progress payment (4) Unconditional release upon final payment The form of release is prescribed by the statute and should be used by all contractors, subs and materialmen. They should not be modified in any significant respece. A conditional waiver and release is conditioned only upon presentation and payment of the check. Unconditional waivers and releases should be used only when the contractor has previously been fully paid by checks which have already cleared or is being paid in cash, cashier's check or wire transfer of funds.

Add your answer or comment

Not the answer you were looking for? Check out other Lien Waivers topics or ask your own question