The Waiver and Release of Lien is a crucial document in New Zealand's construction and property development industry, designed to protect the interests of both property owners and contractors. It is typically used when a contractor or subcontractor has received payment for their work and agrees to relinquish their right to place a lien on the property under the Construction Contracts Act 2002. This document becomes necessary at various stages of construction projects, including progress payments or final payment, and can be either conditional or unconditional depending on the payment status. The waiver helps ensure clear title to property and facilitates smooth project completion and property transactions. It must comply with New Zealand legal requirements and typically includes detailed information about the project, parties involved, payment received, and the specific rights being waived.
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1. Parties: Identifies all parties to the agreement, including the lien holder (typically contractor/subcontractor) and the property owner or principal contractor
2. Background: Describes the context of the original contract, work performed, and the lien rights being waived
3. Definitions: Defines key terms used in the document, including 'Project', 'Property', 'Contract', 'Lien Rights', and other relevant terms
4. Payment Acknowledgment: Confirms receipt of payment (if applicable) and specifies the amount received as consideration for the release
5. Scope of Release: Details exactly what rights are being waived and released, including specific lien rights and claims
6. Property Description: Provides legal description of the property against which the lien rights are being released
7. Representations and Warranties: Statements confirming the lien holder's authority to release the lien and that no assignment of lien rights has occurred
8. Execution: Signature blocks and execution requirements including witness/verification provisions
1. Conditional Release Provisions: Used when the release is conditional upon certain events (such as cheque clearance or future payment), specifying the conditions that must be met
2. Reservation of Rights: Include when the releasing party wishes to reserve certain rights or claims not related to the lien being released
3. Partial Release Provisions: Used when only releasing lien rights for a portion of the work or specific progress payment
4. Indemnification: Optional provisions where the releasing party indemnifies against future claims related to the released lien
5. Governing Law and Jurisdiction: While New Zealand law applies, this section can specify particular dispute resolution procedures or jurisdiction preferences
1. Schedule of Payment Details: Itemized list of payments received and/or outstanding amounts when dealing with partial or progressive releases
2. Property Schedule: Detailed legal description of multiple properties when the release covers several locations
3. Contract Reference Schedule: List of all relevant contracts and variations when the release relates to multiple agreements or substantial variations
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