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.
Illinois Contractor's Affidavit to Induce Lender to Release Funds — Final Payment is a legal document that serves as a request and assurance from a contractor to a lender for the release of final payment to the contractor. This affidavit provides detailed information regarding the completion of construction work and confirms that all subcontractors, suppliers, and laborers have been duly paid. Keywords: Illinois, Contractor's Affidavit, Induce Lender, Release Funds, Final Payment, construction work, subcontractors, suppliers, laborers. Different types of Illinois Contractor's Affidavit to Induce Lender to Release Funds — Final Payment may include: 1. General Contractor Affidavit: This affidavit is used when the general contractor is directly requesting payment from the lender for the completion of the construction project. 2. Subcontractor Affidavit: Subcontractors working on a specific part of the construction project may have their individual affidavits to induce the lender to release funds. 3. Supplier Affidavit: Suppliers of materials needed for the construction project may submit an affidavit to ensure payment for their goods. 4. Laborer Affidavit: Laborers who have worked on-site but have not been directly employed by the general contractor or subcontractor may also have a separate affidavit for payment assurance. It is important to note that the specific requirements and formats of these affidavits may vary, but the overall purpose remains the same — ensuring the fair and timely release of funds to contractors, subcontractors, suppliers, and laborers involved in the construction project.Illinois Contractor's Affidavit to Induce Lender to Release Funds — Final Payment is a legal document that serves as a request and assurance from a contractor to a lender for the release of final payment to the contractor. This affidavit provides detailed information regarding the completion of construction work and confirms that all subcontractors, suppliers, and laborers have been duly paid. Keywords: Illinois, Contractor's Affidavit, Induce Lender, Release Funds, Final Payment, construction work, subcontractors, suppliers, laborers. Different types of Illinois Contractor's Affidavit to Induce Lender to Release Funds — Final Payment may include: 1. General Contractor Affidavit: This affidavit is used when the general contractor is directly requesting payment from the lender for the completion of the construction project. 2. Subcontractor Affidavit: Subcontractors working on a specific part of the construction project may have their individual affidavits to induce the lender to release funds. 3. Supplier Affidavit: Suppliers of materials needed for the construction project may submit an affidavit to ensure payment for their goods. 4. Laborer Affidavit: Laborers who have worked on-site but have not been directly employed by the general contractor or subcontractor may also have a separate affidavit for payment assurance. It is important to note that the specific requirements and formats of these affidavits may vary, but the overall purpose remains the same — ensuring the fair and timely release of funds to contractors, subcontractors, suppliers, and laborers involved in the construction project.
