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 California Contractor's Affidavit to Induce Lender to Release Funds — Final Payment is a legal document used in the construction industry to request the release of final payment from a lender. This affidavit serves as a declaration from the contractor to the lender, stating that all work has been completed in accordance with the terms of the contract. Keywords: California Contractor's Affidavit, lender, release funds, final payment, construction industry, legal document, declaration, completed work, terms of the contract. Different types of California Contractor's Affidavit to Induce Lender to Release Funds — Final Payment: 1. General Contractor's Affidavit: This type of affidavit is used when the contractor acts as the primary contractor overseeing the entire construction project. 2. Subcontractor's Affidavit: In cases where the contractor hires subcontractors to perform specific tasks, this affidavit is used by the subcontractor seeking payment for their work. 3. Supplier's Affidavit: Suppliers of materials used in the construction project can also submit an affidavit to induce the lender to release funds for final payment. 4. Design Professional's Affidavit: For projects involving architects or engineers, this affidavit is used to certify that their professional services have been performed as per the contract and that payment is due. 5. Retain age Release Affidavit: This affidavit is used in situations where the contractor has withheld a certain percentage of the payment as retain age and now requests release of the remaining funds. 6. Joint Control Agreement Affidavit: Sometimes, lenders require joint control over the construction project's funds. This affidavit is used to confirm that all parties involved agree to the terms of the joint control agreement. Remember, specific names or variations of these affidavits may differ depending on the exact requirements of the lender or the nature of the construction project.The California Contractor's Affidavit to Induce Lender to Release Funds — Final Payment is a legal document used in the construction industry to request the release of final payment from a lender. This affidavit serves as a declaration from the contractor to the lender, stating that all work has been completed in accordance with the terms of the contract. Keywords: California Contractor's Affidavit, lender, release funds, final payment, construction industry, legal document, declaration, completed work, terms of the contract. Different types of California Contractor's Affidavit to Induce Lender to Release Funds — Final Payment: 1. General Contractor's Affidavit: This type of affidavit is used when the contractor acts as the primary contractor overseeing the entire construction project. 2. Subcontractor's Affidavit: In cases where the contractor hires subcontractors to perform specific tasks, this affidavit is used by the subcontractor seeking payment for their work. 3. Supplier's Affidavit: Suppliers of materials used in the construction project can also submit an affidavit to induce the lender to release funds for final payment. 4. Design Professional's Affidavit: For projects involving architects or engineers, this affidavit is used to certify that their professional services have been performed as per the contract and that payment is due. 5. Retain age Release Affidavit: This affidavit is used in situations where the contractor has withheld a certain percentage of the payment as retain age and now requests release of the remaining funds. 6. Joint Control Agreement Affidavit: Sometimes, lenders require joint control over the construction project's funds. This affidavit is used to confirm that all parties involved agree to the terms of the joint control agreement. Remember, specific names or variations of these affidavits may differ depending on the exact requirements of the lender or the nature of the construction project.
