You should love statutory lien waivers. In states like Arizona, statutory forms take a lot of the thought and a significant amount of risk out of lien waivers. In some of the states other than Arizona, parties exchanging waivers might be worried about sneaky language creating some potential liability.
Therefore, while statutory waivers may sound like just more regulation on the construction industry, they should be seen as a sight for sore eyes for those wary of waiver exchanges.
With that being said, let’s move on to take a closer look at 1 of the 4 statutory waivers available in Arizona, the Unconditional Waiver for the Final Payment.
Guide to Arizona’s Unconditional Lien Waiver for Final Payment
Hold on! Is this the right waiver for your situation? This waiver is both final and unconditional. Meaning, once this waiver is submitted, all lien rights for this claimant are forfeited. If future payments are expected on the project, a partial waiver will likely make more sense. If final payment has not yet been exchanged, a conditional waiver may be more proper.
Here’s How to Fill Out the Unconditional Lien Waiver Form for a Final Payment in Arizona
Let’s look at this form and try to make it as easy as possible to navigate…
>Project. Identify what project this lien waiver is for. The property address may be the easiest way to do that here.
>Job No. Do you have a contract number for this project? Does this project have a name or nickname? This section helps further identify the work and the project.
>Person with Whom Undersigned Contracted. Who hired the person submitting this lien waiver?
>Owner. Identify the owner for this project. Sounds easy, right? Not necessarily!
>Job Description. Where’s this project located? On liens, project location usually requires a legal property description. Here, a property address may be enough. Regardless – being specific when identifying the property is always a good idea!
>Sum of $____. Ok, this blank represents what is not being waived. Submitting this waiver means that all lien rights are being waived – except for what’s included in this section.
>Dated. This is the date that the waiver is signed.
>Company Name. What’s the name of the company waiving their lien rights? Be sure to get this exactly right. There may be some information – like “LLC” or “Inc.” that complicates this field – but for the most part, it’s pretty straightforward. However, people still get their own name wrong all the time, so be careful!
>By. You probably know this one…but for posterity’s sake: this is where the signature goes.
>Title. What is the title of the individual who signed this waiver?
>Notice. This notice is required by statute, but it’s pretty similar to the one we include in all of our lien waivers. It’s just good practice to make sure all parties involved understand the consequences of signing their waiver.
Conclusion
REMEMBER — There are four different types of lien waiver forms, and the CONDITIONAL waivers are the safest to use. Be extremely careful when using an unconditional lien waiver (such as the one described here in this article), as you may unintentionally give up your right to get paid before you actually get the cash in hand.
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