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.
A Florida Contractor's Affidavit to Induce Lender to Release Funds — Final Payment is a legal document that serves as a formal request from a contractor to a lender for the release of funds held in escrow for a construction project's final payment. This affidavit assures the lender that all work has been completed, and all parties involved, including subcontractors and suppliers, have been paid in full. Keywords: Florida, contractor, affidavit, induce, lender, release funds, final payment, construction project, escrow, work completion, subcontractors, suppliers. Different types of Florida Contractor's Affidavit to Induce Lender to Release Funds — Final Payment include: 1. General Contractor's Affidavit: This is the standard affidavit used when a general contractor requests the release of funds from a lender for the completion of a construction project. 2. Subcontractor's Affidavit: In cases where a subcontractor works under a general contractor, this type of affidavit can be used to request the release of funds specifically for the subcontractor's work. 3. Supplier's Affidavit: If a supplier of materials or equipment needs to receive payment directly from the lender, a supplier's affidavit can be submitted to ensure the release of funds for their contribution to the construction project. 4. Joint Contractor's Affidavit: In situations where multiple contractors collaborate on a project, a joint contractor's affidavit may be required, ensuring that all parties involved receive payment and sign off on the release of funds. 5. Final Payment Affidavit: This type of affidavit is used when the project is nearing completion, and the contractor requests the final payment from the lender, assuring that all work is finished, and all financial obligations to subcontractors and suppliers have been fulfilled. Please note that the specific types and terminology may vary depending on state laws and individual project requirements.
