LIEN WAIVER

Legal document or form releasing the assets or property of the waiver recipient, coming from a contractor, subcontractor, supplier or other party which holds a mechanic's lien. The waiver states they have been fully paid and will waive its future lien rights on the property. There are four types of lien waivers: unconditional waiver and release upon progress payment, conditional waiver and release upon progress payment, unconditional waiver and release upon final payment, and conditional waiver and release upon final payment. In the US, many states only acknowledge two lien waivers: conditional waivers on progress payments and unconditional waivers upon final payments.