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Owners should demand this release when they are paid in full. Some states allow an Unconditional Release upon final payment that is used to induce the final payment. It is an inherent vagary in the lien release law. In the United States, some states only use a conditional waiver on progress payment and an unconditional waiver on final payment.
Accord and satisfaction is a contract law concept about the purchase of the release from a debt obligation. It is one of the methods by which parties to a contract may terminate their agreement. The release is completed by the transfer of valuable consideration that must not be the actual performance of the obligation itself. [1]
Debt settlement allows the debtor to spread payments out over a set term, instead of having to pay a lump sum in one go which is the case with full and final settlement. UK debt settlement is not to be confused with full and final settlement, where debt management companies have been known to hold on to client funds ; in which case the ...
In the United States construction industry, contract agreements are usually written to allow the owner to withhold (retain) the final payment to the general contractor as "retainage". [3] The contractor is bound by the contract to complete a list of contract items, called a punch list, in order to receive final payment from the owner.
However, do keep in mind that as a co-owner or co-signer you maintain responsibility for the account and have to make sure the card gets paid on time and in full from here on out.
The contractor has a financial incentive to achieve completion as early as possible (to release the first moiety payment) and to minimise defects in the works (to achieve the second payment). [ 3 ] : 27 Retentions held against sub-contractors are also a key source of cash for main contractors, who may use them to finance new projects.
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