Conditional Waiver On Final Payment

Conditional Waiver On Final Payment Template for Denmark

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Document background

The Conditional Waiver on Final Payment is a crucial document in Danish construction and development projects, typically used at the completion stage when final payment is being processed. It serves as a legal safeguard for both the paying party and the contractor/subcontractor by clearly outlining the conditions under which claims and liens will be waived. The document is structured in accordance with Danish legal requirements, particularly the Danish Construction Contract Law (AB 18) and the Danish Contracts Act, and includes specific provisions about payment details, conditions for the waiver's effectiveness, and any excluded claims. This type of waiver is particularly important in complex construction projects where multiple parties are involved and where clear documentation of payment conditions and claim releases is essential for project closure.

Suggested Sections

1. Parties: Identification of the contractor/subcontractor providing the waiver and the party making the final payment

2. Background: Brief description of the project, reference to the original contract, and context for the final payment and waiver

3. Definitions: Definition of key terms including 'Final Payment', 'Effective Date', 'Project', and 'Claims'

4. Payment Amount and Details: Specification of the final payment amount and payment method

5. Conditions for Waiver: Clear statement of all conditions that must be met for the waiver to become effective

6. Scope of Waiver: Detailed description of what rights, claims, and liens are being waived

7. Representations and Warranties: Statements confirming authority to execute the waiver and that all subcontractors and suppliers have been paid

8. Governing Law: Specification that Danish law governs the waiver

9. Execution: Signature blocks and execution requirements

Optional Sections

1. Excluded Claims: Section listing any specific claims or rights that are explicitly excluded from the waiver - include when there are known pending claims or disputes

2. Retention Release: Section addressing the release of any retained amounts - include when retention has been held

3. Third Party Rights: Section addressing rights of subcontractors or suppliers - include when there are significant subcontractor relationships

4. Insurance Claims: Section preserving rights related to insurance claims - include when there are pending or potential insurance claims

5. Dispute Resolution: Section specifying dispute resolution procedures - include when parties want specific dispute resolution mechanisms

Suggested Schedules

1. Schedule A - Payment Details: Detailed breakdown of the final payment amount, including any adjustments or deductions

2. Schedule B - Project Information: Detailed description of the project scope and completed works

3. Schedule C - Outstanding Claims Register: List of any known outstanding claims or disputes (if any)

4. Appendix 1 - Original Contract Reference: Copy or key details of the original contract being referred to

5. Appendix 2 - Supporting Documentation: Copies of relevant certificates, approvals, or other supporting documents

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