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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.
Before final payment, a property owner should obtain an affidavit from the contractor that lists all unpaid parties who performed labor or services, or provided materials to the property. The property owner should make sure the contractor obtains releases from all of these parties before making final payment.
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.
"The contractor quotes an owner a price for a particular task or scope of work, though at the time of contracting the parties may not know the actual number of the units of work to be completed." [14] Consequently, the owner does not have an exact final price until the project is finished. [20]
"Effective immediately, unless expressly approved by the Acting Director or required by law, all employees, contractors and other personnel of the bureau shall … cease all supervision and ...
An amended lawsuit filed in San Francisco federal court over OPM’s push to fire probationary federal workers cited Musk’s email blast in its effort to reverse the mass terminations and claimed ...
Under these conditions, the subcontractor may collect payment from the owner, who then reduces his final payment (i.e. when releasing what remains of the holdback) to the contractor. Note that the subcontractor is entitled to payment based on quantum meruit, irrespective of whether or not the subcontractor has privity of contract with the owner.
Rick Pitino’s win streak in the Big East is over. Villanova held on down the stretch after nearly blowing a double-digit lead at Finneran Pavilion on Wednesday to pull off a stunning 73-71 upset ...
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