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The Unconditional Waiver And Release On Final Payment is a critical document used in Pakistani business transactions, particularly in construction and development projects, when a final payment is being made to conclude a contractual relationship. It serves as a definitive legal instrument that protects the paying party from future claims once the final payment has been made and received. The document is governed by Pakistani contract law, including the Contract Act 1872 and related statutes, and must comply with local registration and stamp duty requirements. It is typically used at the completion of a project or service contract when all work has been completed and verified, and all payments, including any retained amounts, are being released. The unconditional nature of the waiver means that once executed, it is immediately effective upon receipt of payment, unlike conditional waivers that may depend on future events or conditions.

1. Parties: Identifies and defines all parties to the waiver, including the party providing the waiver (typically a contractor or supplier) and the party receiving the waiver (typically the property owner or prime contractor)

2. Background: Brief context about the project or work performed, reference to the original contract, and statement that final payment has been requested

3. Definitions: Defines key terms used in the document, including 'Final Payment', 'Project', 'Claims', and other relevant terms

4. Acknowledgment of Payment: Formal acknowledgment of the receipt of final payment, including the specific amount received

5. Waiver and Release: Core section stating the unconditional waiver of all claims, liens, and rights related to the project upon receipt of final payment

6. Representations and Warranties: Statements confirming that all subcontractors and suppliers have been paid and that the waiving party has the authority to execute the waiver

7. Governing Law: Specifies that Pakistani law governs the waiver and its interpretation

8. Execution: Signature block with date and witness provisions as required under Pakistani law