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The Conditional Waiver And Release On Progress Payment Form is a crucial document in Indian construction and development projects, designed to facilitate the payment process while protecting the rights of all parties involved. It is typically used when a contractor, subcontractor, or supplier is receiving a progress payment but not the final payment for their work. The document waives lien rights and claims only up to the amount of the specified payment and only becomes effective when the payment is actually received and cleared. This form is particularly important in the Indian context where construction payments are governed by multiple regulations including the Indian Contract Act, 1872, and various construction industry-specific legislation. The document includes specific details about the project, payment amount, and scope of the waiver, ensuring clarity and legal compliance while facilitating smooth project progression.
