Document background
The Unconditional Waiver And Release On Final Payment is a crucial document in Singapore's construction and development industry, designed to provide clear closure to payment obligations. It is typically used when a contractor, subcontractor, or supplier has received all payments due under a contract and is willing to waive any further claims. This document, governed by Singapore law and particularly the Building and Construction Industry Security of Payment Act, ensures that once final payment is received, the releasing party surrenders all rights to make future claims related to the work, including mechanic's liens, payment claims, and other demands. It serves as a definitive end to payment obligations and provides security for project owners and developers.
