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.
Oakland Michigan Contractor's Affidavit to Induce Lender to Release Funds — Final Payment is a legal document that contractors in Oakland, Michigan used to request the release of final payment from the lender or construction project owner. This affidavit serves as proof that the contractor has completed all the required work and met their contractual obligations. Keywords: Oakland Michigan, contractor's affidavit, induce lender, release funds, final payment Types of Oakland Michigan 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 by contractors in Oakland, Michigan. It includes all the necessary details about the contractor, the project, and the work completed, ensuring that the lender or project owner has all the information needed to release the final payment. 2. Sworn Statement and Affidavit: This type of affidavit requires the contractor to provide a sworn statement along with the affidavit. The sworn statement acts as a legally binding commitment that the information provided in the affidavit is accurate and truthful. 3. Partial Payment Affidavit: In some cases, contractors may request a partial payment before the final payment is due. In such instances, they can use a Partial Payment Affidavit, which outlines the percentage of work completed and justifies the release of a portion of the funds. 4. Release of Lien Affidavit: This affidavit is used when the contractor has previously filed a mechanic's lien against the property due to non-payment. It declares that the contractor has released the lien and requests the release of final payment. 5. Retain age Release Affidavit: Retain age is a portion of the contract price held back by the lender or project owner until the completion of the project. The Retain age Release Affidavit is used when the contractor has fulfilled all contractual obligations and requests the release of to retain age amount. 6. Subcontractor Affidavit: If a contractor has subcontracted certain portions of the work, they may need to provide a Subcontractor Affidavit alongside their own affidavit. This ensures that all subcontractors have been paid in full and releases any potential liabilities from the lender or project owner. These different types of Oakland Michigan Contractor's Affidavit to Induce Lender to Release Funds — Final Payment allow contractors to address specific situations and requirements, ensuring a smooth and transparent payment process. It is crucial for contractors to understand which type of affidavit is appropriate for their situation to avoid any delays in receiving their final payment.Oakland Michigan Contractor's Affidavit to Induce Lender to Release Funds — Final Payment is a legal document that contractors in Oakland, Michigan used to request the release of final payment from the lender or construction project owner. This affidavit serves as proof that the contractor has completed all the required work and met their contractual obligations. Keywords: Oakland Michigan, contractor's affidavit, induce lender, release funds, final payment Types of Oakland Michigan 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 by contractors in Oakland, Michigan. It includes all the necessary details about the contractor, the project, and the work completed, ensuring that the lender or project owner has all the information needed to release the final payment. 2. Sworn Statement and Affidavit: This type of affidavit requires the contractor to provide a sworn statement along with the affidavit. The sworn statement acts as a legally binding commitment that the information provided in the affidavit is accurate and truthful. 3. Partial Payment Affidavit: In some cases, contractors may request a partial payment before the final payment is due. In such instances, they can use a Partial Payment Affidavit, which outlines the percentage of work completed and justifies the release of a portion of the funds. 4. Release of Lien Affidavit: This affidavit is used when the contractor has previously filed a mechanic's lien against the property due to non-payment. It declares that the contractor has released the lien and requests the release of final payment. 5. Retain age Release Affidavit: Retain age is a portion of the contract price held back by the lender or project owner until the completion of the project. The Retain age Release Affidavit is used when the contractor has fulfilled all contractual obligations and requests the release of to retain age amount. 6. Subcontractor Affidavit: If a contractor has subcontracted certain portions of the work, they may need to provide a Subcontractor Affidavit alongside their own affidavit. This ensures that all subcontractors have been paid in full and releases any potential liabilities from the lender or project owner. These different types of Oakland Michigan Contractor's Affidavit to Induce Lender to Release Funds — Final Payment allow contractors to address specific situations and requirements, ensuring a smooth and transparent payment process. It is crucial for contractors to understand which type of affidavit is appropriate for their situation to avoid any delays in receiving their final payment.
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.
