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Conditional Final Release Form

Conditional Final Release Form Template for India

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Key Requirements PROMPT example:

Conditional Final Release Form

"I need a Conditional Final Release Form for a residential construction project in Mumbai, where I'm the general contractor releasing claims against the property developer upon receipt of the final payment of ₹50 lakhs, expected by March 2025."

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Document background
The Conditional Final Release Form is a vital document in Indian construction and development projects, used when parties are approaching the completion of their contractual obligations. It serves as a formal mechanism to close out projects and settle financial obligations while protecting both parties' interests. The document is particularly important in scenarios where final payments are pending and parties wish to document the terms of release from future claims. The conditional nature of the release provides security to the releasing party, as the release only becomes effective when specified conditions (typically receipt of final payment) are met. This document must comply with the Indian Contract Act, 1872, and other relevant Indian legislation, and often requires careful drafting to ensure all project-specific details, payment terms, and any excluded claims are clearly documented.
Suggested Sections

1. Identity of Parties: Clearly identifies all parties involved, including the releasor (party giving the release) and releasee (party being released)

2. Recitals: Background information including the original contract details, project information, and context for the release

3. Definitions: Key terms used in the document, including 'Final Payment', 'Claims', 'Project', and 'Effective Date'

4. Release Amount: Specifies the exact payment amount that triggers the release

5. Scope of Release: Details what claims, rights, and demands are being released

6. Conditions Precedent: Clearly states the conditions that must be met for the release to become effective

7. Representations and Warranties: Statements by the releasor regarding their authority to give the release and the absence of assignments of claims

8. Reservation of Rights: Specifies any rights or claims that are specifically excluded from the release

9. Governing Law: Specifies that Indian law governs the release and its interpretation

10. Execution: Signature blocks and attestation requirements

Optional Sections

1. Subcontractor Releases: Required when the releasor needs to provide releases from their subcontractors

2. Notarization Block: Include when document needs to be notarized for additional legal certainty

3. Witness Requirements: Include when additional witnesses are required for validity

4. Indemnification: Include when the releasor needs to indemnify the releasee against future claims

5. Dispute Resolution: Include when specific dispute resolution procedures need to be established

6. Severability: Include when there's a need to ensure partial invalidity doesn't void the entire release

Suggested Schedules

1. Schedule A - Project Details: Detailed description of the project and original contract information

2. Schedule B - Payment Details: Breakdown of payments made and final payment amount

3. Schedule C - Outstanding Claims List: List of any claims or rights specifically excluded from the release

4. Appendix 1 - Supporting Documents: Copies of relevant certificates, payment proofs, or other supporting documentation

5. Appendix 2 - Subcontractor Releases: Copies of releases obtained from subcontractors (if applicable)

Authors

Alex Denne

Head of Growth (Open Source Law) @ ¶¶Òõ¶ÌÊÓƵ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
Relevant legal definitions
























Clauses




















Relevant Industries

Construction

Real Estate Development

Infrastructure

Engineering

Manufacturing

Government and Public Works

Commercial Development

Industrial Development

Residential Development

Energy and Utilities

Transportation

Mining

Relevant Teams

Legal

Finance

Operations

Project Management

Procurement

Risk Management

Commercial

Construction Management

Contract Administration

Claims Management

Relevant Roles

Project Manager

Construction Manager

Contract Administrator

Legal Counsel

Chief Financial Officer

Project Director

Site Supervisor

Procurement Manager

Claims Manager

Risk Manager

Financial Controller

Operations Director

General Counsel

Project Coordinator

Commercial Manager

Industries







Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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