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Definition of 'Lien Waiver'
A document from a contractor, subcontractor, supplier or other party holding a mechanic's lien stating that they have been paid in full and waiving future lien rights to the disputed property. Generally, there are four types of lien waivers:
- An "Unconditional Waiver and Release Upon Progress Payment" discharges all claimant rights through a specific date, with no stipulations;
- A "Conditional Waiver and Release Upon Progress Payment" discharges all claimant rights through a specific date, provided the payments have actually been received and processed.
- An "Unconditional Waiver and Release Upon Final Payment" extinguishes all claimant rights upon receipt of payment
- A "Conditional Waiver and Release Upon Final Payment" extinguishes all claimant rights upon receipt of payment, with certain provisions.
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