Document background
The Conditional Waiver and Release on Final Payment is a standard document used in Hong Kong's construction and development industry to facilitate the final payment process while protecting the interests of all parties involved. This document is typically used at the completion of a construction project or major project phase when final payment is due to be made. It serves as a formal mechanism to release claims and liens conditionally upon receipt of final payment, providing certainty to the paying party while ensuring the receiving party's rights are protected until payment is received and cleared. The document must comply with Hong Kong's legal framework and construction industry practices, including relevant ordinances and common law principles. It's particularly important in large-scale construction projects where multiple contractors and subcontractors are involved, helping to create a clear chain of releases and ensuring proper project closure.
