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.
Georgia Contractor's Affidavit to Induce Lender to Release Funds — Final Payment is a legal document that plays a crucial role in the construction industry. It serves as a written statement by a contractor to assure the lender that all work has been completed according to the terms of the contract and the funds can be released as the final payment to the contractor. This affidavit is often required by lenders in Georgia to ensure that the construction project has been successfully finished before disbursing the final funds. Keywords: Georgia, contractor's affidavit, induce lender, release funds, final payment, construction industry, legal document, terms of the contract, completed, construction project, disbursing, assurance. Types of Georgia Contractor's Affidavit to Induce Lender to Release Funds — Final Payment: 1. General Contractor's Affidavit: This type of affidavit is completed and signed by the general contractor responsible for overseeing the entire construction project. It includes a detailed description of the work performed, materials used, and the compliance with all contractual obligations. 2. Subcontractor's Affidavit: For larger projects involving multiple subcontractors, subcontractor affidavits may be required. These affidavits are typically submitted by subcontractors to verify that their work has been completed and to request the release of final payment for their services. 3. Supplier's Affidavit: In some cases, suppliers who provided materials or equipment for the project might also be required to submit an affidavit. This affidavit confirms that all supplied goods have been delivered as agreed upon and that the supplier is eligible for the final payment. 4. Architect's or Engineer's Affidavit: This type of affidavit may be necessary when the completion of the project involves architectural or engineering services. It affirms that the project was designed and executed in compliance with all applicable regulations and specifications. 5. Owner's Affidavit: Though not strictly a contractor's affidavit, the owner of the property may also be required to provide an affidavit of their own. This affidavit confirms that the owner has paid the contractor in full and waives any lien rights against the property. By utilizing these various affidavits, Georgia's construction industry can ensure that all stakeholders involved in a construction project are protected and that the final payment is only disbursed once all contractual obligations have been met.
