Mechanic's Lien Waiver

Mechanic's Lien Waiver. Upon receipt of each progress payment, the Contractor shall provide to the Owner a Conditional Waiver and Release on Progress Payment for the amount of the current payment application, and an Unconditional Waiver and Release on Progress Payment for the amount of the previous payment received. Upon receipt of final payment, the Contractor shall provide an Unconditional Waiver and Release on Final Payment. The Contractor shall also obtain and deliver to the Owner corresponding lien waivers from all subcontractors and material suppliers for each payment period. The lien waivers shall be in the form prescribed by applicable state law, or if no statutory form exists, in the form attached hereto as Exhibit [X]. The Owner shall have the right to withhold payment if the Contractor fails to provide the required lien waivers. The Contractor shall indemnify and hold harmless the Owner from and against any and all mechanic's liens, stop notices, or bond claims filed against the Owner or the property as a result of the Contractor's failure to pay its subcontractors, laborers, or material suppliers. The Contractor shall promptly cause any such lien to be released or bonded within ten (10) business days of written notice from the Owner.