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Unconditional Waiver And Release On Final Payment

Unconditional Waiver And Release On Final Payment Template for South Africa

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Key Requirements PROMPT example:

Unconditional Waiver And Release On Final Payment

"I need an Unconditional Waiver and Release on Final Payment for a completed office building renovation project in Cape Town, where our construction company has received the final payment of R5.2 million on March 15, 2025, and we need to ensure all subcontractors are included in the release."

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Document background
The Unconditional Waiver And Release On Final Payment is a crucial document used in South African construction and development projects when final payment has been made and received. It serves as a definitive legal instrument that provides closure to contractual relationships by waiving any future claims or liens related to the project. This document is particularly important in the South African context, where it must comply with the Construction Industry Development Board Act and common law principles. It is typically used at the successful completion of a project when all work has been performed, all payments have been made, and all parties seek to formally conclude their contractual obligations. The document includes detailed information about the project, parties involved, payment received, and the scope of the waiver, providing legal certainty and protection for all parties involved.
Suggested Sections

1. Parties: Identification of the Claimant (contractor/supplier) and the Party Released (owner/contractor), including full legal names and addresses

2. Background: Brief context of the project, contract, and relationship between the parties

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

4. Final Payment Acknowledgment: Statement acknowledging receipt of final payment amount and date received

5. Waiver and Release Statement: Clear and unequivocal statement waiving and releasing all claims, rights, and liens against the property and parties

6. Scope of Release: Detailed description of what claims and rights are being waived and released

7. Warranties and Representations: Claimant's confirmation that they have authority to execute the waiver and that all obligations have been fulfilled

8. Execution: Signature blocks, date, and notarization requirements

Optional Sections

1. Exceptions to Release: Section listing any specific claims or rights that are explicitly excluded from the waiver (used when certain claims are being preserved)

2. Subcontractor Confirmation: Confirmation that all subcontractors and suppliers have been paid (used when the claimant has employed subcontractors)

3. Indemnification: Claimant's agreement to indemnify the released party against any claims (used in higher-risk projects)

4. Governing Law and Jurisdiction: Specification of applicable law and courts (used in complex projects or when parties are from different jurisdictions)

Suggested Schedules

1. Schedule A - Project Details: Detailed description of the project, including location, scope, and contract reference numbers

2. Schedule B - Payment Summary: Breakdown of payments received, including final payment amount and previous payments

3. Schedule C - Subcontractor List: List of all subcontractors and suppliers who have provided services or materials for the project

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

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 Development

Commercial Property

Residential Development

Industrial Construction

Mining

Engineering Services

Architecture and Design

Property Management

Public Infrastructure

Energy and Utilities

Relevant Teams

Legal

Finance

Operations

Commercial

Construction

Project Management

Risk Management

Contract Administration

Claims Management

Development

Relevant Roles

Construction Manager

Project Director

Contract Administrator

Legal Counsel

Chief Financial Officer

Project Manager

Site Manager

Quantity Surveyor

Commercial Director

Operations Manager

Risk Manager

Claims Manager

Finance Manager

Development Manager

Construction Director

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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