When the contractor requests final payment, a Final Contractor's Affidavit must be submitted to the lender. The Final Contractor's Affidavit lists all money due to potential lienors that have not been paid. The lender will typically require affidavits from each potential lienor assuring that they have been paid before releasing the final draw amount to the contractor.
The Cuyahoga Ohio Contractor's Affidavit to Induce Lender to Release Funds — Final Payment is a legal document utilized in the construction industry to ensure the completion of a project and the release of final payment by the lender. This affidavit serves as a guarantee from the contractor to the lender that all work has been properly completed, any subcontractors or suppliers have been paid, and there are now pending claims or liens against the project. Keywords: Cuyahoga Ohio, contractor's affidavit, induce lender, release funds, final payment, construction industry, completion, guarantee, subcontractors, suppliers, claims, liens. Different Types of Cuyahoga Ohio Contractor's Affidavit to Induce Lender to Release Funds — Final Payment: 1. Standard Contractor's Affidavit: This is the most common type of affidavit used in Cuyahoga, Ohio, whereby the contractor assures the lender that all work has been completed according to the agreed-upon plans, specifications, and contract terms. 2. Subcontractor's Affidavit: In some cases, there may be multiple tiers of contractors involved in a construction project. A subcontractor's affidavit may be required to provide assurance that all subcontractors working under the main contractor have been paid in full. 3. Supplier's Affidavit: If there are material suppliers involved in the construction project, a specific affidavit may be necessary to affirm that all suppliers have been paid for their materials and services. 4. Unconditional Lien Waiver Affidavit: This type of affidavit may be requested by the lender to indemnify against any future claims or liens by the contractor, subcontractors, or suppliers once the final payment has been made. 5. Conditional Lien Waiver Affidavit: While similar to an unconditional lien waiver affidavit, this type of affidavit becomes effective only when the final payment has been received by the contractor, subcontractors, and suppliers, ensuring that no further claims will be made. 6. Partial Payment Affidavit: In some cases, the contractor may request a partial payment before the completion of the entire project. A partial payment affidavit would be required, assuring the lender that work has been done up to a certain point and that payment for that specific portion is required. It's important to consult with legal professionals or experts in the construction field to determine the specific type of affidavit required for a particular project in Cuyahoga, Ohio, as the requirements may vary based on the nature and complexity of the construction.The Cuyahoga Ohio Contractor's Affidavit to Induce Lender to Release Funds — Final Payment is a legal document utilized in the construction industry to ensure the completion of a project and the release of final payment by the lender. This affidavit serves as a guarantee from the contractor to the lender that all work has been properly completed, any subcontractors or suppliers have been paid, and there are now pending claims or liens against the project. Keywords: Cuyahoga Ohio, contractor's affidavit, induce lender, release funds, final payment, construction industry, completion, guarantee, subcontractors, suppliers, claims, liens. Different Types of Cuyahoga Ohio Contractor's Affidavit to Induce Lender to Release Funds — Final Payment: 1. Standard Contractor's Affidavit: This is the most common type of affidavit used in Cuyahoga, Ohio, whereby the contractor assures the lender that all work has been completed according to the agreed-upon plans, specifications, and contract terms. 2. Subcontractor's Affidavit: In some cases, there may be multiple tiers of contractors involved in a construction project. A subcontractor's affidavit may be required to provide assurance that all subcontractors working under the main contractor have been paid in full. 3. Supplier's Affidavit: If there are material suppliers involved in the construction project, a specific affidavit may be necessary to affirm that all suppliers have been paid for their materials and services. 4. Unconditional Lien Waiver Affidavit: This type of affidavit may be requested by the lender to indemnify against any future claims or liens by the contractor, subcontractors, or suppliers once the final payment has been made. 5. Conditional Lien Waiver Affidavit: While similar to an unconditional lien waiver affidavit, this type of affidavit becomes effective only when the final payment has been received by the contractor, subcontractors, and suppliers, ensuring that no further claims will be made. 6. Partial Payment Affidavit: In some cases, the contractor may request a partial payment before the completion of the entire project. A partial payment affidavit would be required, assuring the lender that work has been done up to a certain point and that payment for that specific portion is required. It's important to consult with legal professionals or experts in the construction field to determine the specific type of affidavit required for a particular project in Cuyahoga, Ohio, as the requirements may vary based on the nature and complexity of the construction.
Para su conveniencia, debajo del texto en español le brindamos la versión completa de este formulario en inglés. For your convenience, the complete English version of this form is attached below the Spanish version.
