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Owners should demand this release when they are paid in full. Some states allow an Unconditional Release upon final payment that is used to induce the final payment. It is an inherent vagary in the lien release law. In the United States, some states only use a conditional waiver on progress payment and an unconditional waiver on final payment.
Subcontractor further agrees that Owner's payment to Contractor of all progress payments and final payment for any work performed by Subcontractor, other Subcontractors and Contractor shall be an express condition precedent to any obligation of Contractor to make any progress payment, retainages, or final payment to Subcontractor, and ...
Security of Payment refers to any system designed to ensure that contractors and sub-contractors are paid even in case of dispute. This can involve a system of progress payments, interim arbitration decisions, or a system which legally requires a company to pay an invoice within a set number of days, regardless of whether the company believes they are accurate.
Periodic cash payment unconditionally delivered to all on an individual basis, without means-test or work requirement. [4] Philippe Van Parijs, Karl Widerquist, Guy Standing: US and Canada (local experiments); the Iranian basic income is somewhat between a partial and a full basic income. [citation needed]
President-elect Trump was spared any punishment for his hush money criminal conviction Friday when a New York judge sentenced him to an unconditional discharge, eschewing jail time while securing ...
Typical Lump Sum Contract Structure. A lump sum contract in construction is one type of construction contract, sometimes referred to as stipulated-sum, where a single price is quoted for an entire project based on plans and specifications and covers the entire project and the owner knows exactly how much the work will cost in advance. [1]
Early examples of unconditional payments to citizens date back to antiquity, and the first proposals to introduce a regular unconditionally paid income for all citizens were developed and disseminated between the 16th and 18th centuries. After the Industrial Revolution, public awareness and support for the concept increased. At least since the ...
Major differences distinguish letters of credit from "demand guarantees"; in the latter instrument the obligation to pay is conditioned within the terms of the bank's promise, therefore if the demand guarantee is payable upon the beneficiary's written first demand he is assured payment notwithstanding any defence related to any other underlying ...