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Unconditional Partial Release

Florida

We are being requested to sign an unconditional partial waiver for $10 for work done through 2/28. "We will need $10.00 statutory release(s), through 02/28/2021" The invoice for this project has been paid and the amount remaining is for retention ($886). Can you advise why a $10 partial is being requested? I do get alarmed when we are being asked to sign a waiver for less than what is owed.

3 replies

Mar 30, 2021
The "$10" that is often seen on various financial transaction instruments is archaic and should not be used routinely. The historical use was to make a statement of a nominal amount sufficient to satisfy the "consideration" aspect of the transaction. The purpose was to conceal the amount of money actually changing hands. That kind of secrecy is for the most part no longer allowed - especially on taxed transactions. In any event, it is important that the exact amount that you receive should be stated on the waiver. This will prevent confusion in multiple payments on a project. Also, by law you cannot be required to sign a waiver other than the statutory form unless you have agreed in a contract to do otherwise.
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Mar 30, 2021

Thanks for the response. I believe we have signed this $10 waiver in past. Does this set a precedent going forward on the project? Or can we discontinue?

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Apr 1, 2021
You are not bound by precedent. You should simply notify the other party that the exact amount being paid must be stated on the waiver. Tell them that it's on the advice of legal counsel.
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