Common use of UNCONDITIONAL WAIVER AND RELEASE ON FINAL PAYMENT Clause in Contracts

UNCONDITIONAL WAIVER AND RELEASE ON FINAL PAYMENT. This form is subject to change and may be modified, updated, formatted, replaced and/or substituted only by the Contractor or Owner and as required by Contractor or Owner’s request. Before commencing the Work set out in the Subcontract and before any of Subcontractor’s personnel or equipment are brought on to Premises, and as a condition of payment, the Subcontractor shall, at its sole cost and expense, purchase and maintain the following insurances for a period throughout the term of this Agreement and for a period of three (3) years after final acceptance of the work, for such additional time that may be required, for the benefit of Contractor, Subcontractor and the Owner. Such insurance coverage relating to the Work as Contractor is required to maintain under the agreement with the Owner. The insurance policy is not to be canceled, reduced or in any manner diminished except upon not less than (30) days prior notice in writing to Contractor. The policy requirements must have the minimum limits as follows: