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.
Philadelphia Pennsylvania Contractor's Affidavit to Induce Lender to Release Funds — Final Payment is a legal document that ensures contractors in Philadelphia, Pennsylvania, receive their final payment from a lender for completed construction projects. This affidavit acts as an assurance to the lender that the contractor will use the disbursed funds appropriately and complete all obligations. Key elements included in a Philadelphia Pennsylvania Contractor's Affidavit to Induce Lender to Release Funds — Final Payment typically encompass: 1. Contractor Information: This section contains details about the contractor, including their name, address, contact information, and contractor's license number. These details help identify and establish credibility for the contractor. 2. Project Details: Here, the affidavit outlines the specifics of the construction project, such as the address of the property, project type, scope of work, expected completion date, and any associated permits or licenses required. 3. Payment Amount: The contractor specifies the total payment amount they are requesting from the lender as final payment. This figure should include all completed work, additional costs, and any authorized change orders. 4. Lender Information: This section pertains to the lender involved in the construction project. It includes the name, address, contact information of the lender, and any other relevant details that facilitate identification. 5. Certification of Completion: The contractor confirms that the work has been completed according to the contract and specifications. They state that all permits, inspections, and required documentation have been obtained and fulfilled. This is crucial in assuring the lender that the project is ready for final payment. Philadelphia Pennsylvania Contractor's Affidavit to Induce Lender to Release Funds — Final Payment may have different variations or addendums based on specific circumstances or contractual agreements. Some examples include: — Variation 1: Limited Release Addendum: This addendum outlines agreed-upon conditions under which partial payment can be released to the contractor before the completion of the entire project, providing a step-by-step disbursement plan. — Variation 2: Inspector's Certification: In certain cases, an inspector's certification may be required, stating that the work meets proper building codes, regulations, and quality standards. — Variation 3: Subcontractor Confirmation: If subcontractors or suppliers were involved in the construction project, a specific section might be included, requiring the contractor to verify that all subcontractors and suppliers have been paid in full, preventing any potential lien claims. — Variation 4HolbacCCKck Provision: This provision might specify that a percentage of the final payment be withheld by the lender until a certain timeframe has passed to ensure all obligations, including warranties and repair periods, are fulfilled. These variations or addendums provide customization options to the Philadelphia Pennsylvania Contractor's Affidavit to Induce Lender to Release Funds — Final Payment based on the unique terms, conditions, and requirements of each construction project.Philadelphia Pennsylvania Contractor's Affidavit to Induce Lender to Release Funds — Final Payment is a legal document that ensures contractors in Philadelphia, Pennsylvania, receive their final payment from a lender for completed construction projects. This affidavit acts as an assurance to the lender that the contractor will use the disbursed funds appropriately and complete all obligations. Key elements included in a Philadelphia Pennsylvania Contractor's Affidavit to Induce Lender to Release Funds — Final Payment typically encompass: 1. Contractor Information: This section contains details about the contractor, including their name, address, contact information, and contractor's license number. These details help identify and establish credibility for the contractor. 2. Project Details: Here, the affidavit outlines the specifics of the construction project, such as the address of the property, project type, scope of work, expected completion date, and any associated permits or licenses required. 3. Payment Amount: The contractor specifies the total payment amount they are requesting from the lender as final payment. This figure should include all completed work, additional costs, and any authorized change orders. 4. Lender Information: This section pertains to the lender involved in the construction project. It includes the name, address, contact information of the lender, and any other relevant details that facilitate identification. 5. Certification of Completion: The contractor confirms that the work has been completed according to the contract and specifications. They state that all permits, inspections, and required documentation have been obtained and fulfilled. This is crucial in assuring the lender that the project is ready for final payment. Philadelphia Pennsylvania Contractor's Affidavit to Induce Lender to Release Funds — Final Payment may have different variations or addendums based on specific circumstances or contractual agreements. Some examples include: — Variation 1: Limited Release Addendum: This addendum outlines agreed-upon conditions under which partial payment can be released to the contractor before the completion of the entire project, providing a step-by-step disbursement plan. — Variation 2: Inspector's Certification: In certain cases, an inspector's certification may be required, stating that the work meets proper building codes, regulations, and quality standards. — Variation 3: Subcontractor Confirmation: If subcontractors or suppliers were involved in the construction project, a specific section might be included, requiring the contractor to verify that all subcontractors and suppliers have been paid in full, preventing any potential lien claims. — Variation 4HolbacCCKck Provision: This provision might specify that a percentage of the final payment be withheld by the lender until a certain timeframe has passed to ensure all obligations, including warranties and repair periods, are fulfilled. These variations or addendums provide customization options to the Philadelphia Pennsylvania Contractor's Affidavit to Induce Lender to Release Funds — Final Payment based on the unique terms, conditions, and requirements of each construction project.
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.
