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The Conditional Waiver And Release On Progress Payment is a crucial document in Australian construction projects, used when a contractor, subcontractor, or supplier receives a progress payment and needs to provide assurance to the paying party that certain rights and claims will be waived upon receipt of that payment. This document is particularly important in managing payment risks and maintaining clear payment records in construction projects. It includes specific details about the payment amount, project information, and the scope of the waiver, while protecting both parties' interests by making the waiver conditional upon actual receipt of payment. The document aligns with various state-specific Building and Construction Industry Security of Payment Acts and is commonly used in conjunction with progress payment claims and payment schedules.

1. Parties: Identifies all parties to the agreement, including the party providing the waiver (typically contractor/subcontractor) and the party receiving it (typically owner/contractor)

2. Background: Brief context about the underlying contract, project details, and the progress payment that is the subject of this waiver

3. Definitions: Key terms used in the document, including 'Progress Payment', 'Conditional Waiver', 'Project', 'Contract', and other relevant terms

4. Progress Payment Details: Specific details of the progress payment, including amount, payment period, and invoice reference

5. Conditional Waiver Statement: The core waiver language, clearly stating that the waiver is conditional upon receipt of the specified payment

6. Scope of Waiver: Clear description of what claims, rights, or liens are being waived upon receipt of payment

7. Reservation of Rights: Statement of rights retained by the waiving party, including claims for retention, unresolved claims, and future claims

8. Conditions Precedent: Clear statement of conditions that must be met for the waiver to become effective

9. Execution: Signature blocks and execution requirements for all parties