The Partial Waiver And Release Of Claims For Payment is a critical risk management tool in U.S. business transactions, particularly in construction and ongoing service contracts. It's typically used when partial payments are made during a project's lifecycle, allowing the receiving party to acknowledge payment while the paying party receives protection from future claims related to that payment. The document specifically details the amount received, the time period covered, and any claims being preserved. It's essential for maintaining clear payment records and preventing double-payment claims while protecting future payment rights.
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1. Document Title and Date: Clear identification of document as Partial Waiver and Release of Claims and execution date
2. Parties: Identification of releasing party and released party, including legal names and addresses
3. Payment Details: Specific amount received or to be received as consideration for the partial release
4. Scope of Release: Detailed description of which claims are being released and the extent of the release
5. Through Date: Specific date through which claims are being released and waived
6. Representations and Warranties: Statements confirming authority to execute and binding nature of the release
7. Execution: Signature blocks, notary section, and date of execution
1. Project Description: Details of the specific project or work performed, typically included for construction-related releases
2. Conditional Language: Provisions making the release conditional upon receipt of specified payment
3. Exceptions and Reservations: Specific claims being reserved or excluded from the scope of the release
4. Governing Law: Specification of the state law governing the release
5. Affirmations: Additional statements confirming no assignment of claims and other relevant declarations
1. Schedule A - Payment Details: Itemized list of payments received or pending, including relevant invoice numbers and dates
2. Schedule B - Reserved Claims: Detailed listing of specific claims excluded from the release
3. Schedule C - Project Details: Comprehensive description of the project or work performed, including relevant dates and locations
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