Understanding Conditional/Unconditional and Final Payment release
Hello. My company is trying to receive payment for a construction job. The GC is requesting two lien releases:
1. Unconditional Waiver and Release Upon Progress Payment for $51,035. They want this prior to sending the check for this amount.
2. Conditional Waiver and Release Upon Final Payment for $2,500.They also want this prior to sending either check.
The way I read this says if I sign 1. I must have the 51K check in hand already.
If I sign 2. that is saying $2,500 is the final payment; however, I am still owed the 51,035.Can you help me understand this better?
Thank you, Karlie