Which document is essential for relinquishing a party's claim against property?

The lien waiver is essential for relinquishing a party's claim against property. A lien waiver serves as a legal document that acknowledges a contractor, subcontractor, or supplier has received payment for services and waives any future claim against the property for the amount paid. This document is critical in the construction industry as it protects property owners and ensures that they do not face potential liens filed against their property by contractors or suppliers who may claim they were not compensated for their work.

By providing a lien waiver, the party relinquishes their right to later enforce a lien due to non-payment for the services rendered, thus clearing the title and providing peace of mind to the property owner. It indicates that the contractor or subcontractor agrees they have been paid and will not seek to assert any claim on the property for the stated amount.

In contrast, the other documents listed serve different purposes. A change order modifies the terms of a contract, a liability insurance policy is meant to protect against claims of injury or damage, and a contract agreement outlines the terms of the relationship between parties but does not specifically address the relinquishment of claims. Thus, the lien waiver is the key document in this context for ensuring that claims against property are effectively released.