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.
Indiana Contractor's Affidavit to Induce Lender to Release Funds — Final Payment is a legal document used by contractors in Indiana to request the release of funds from a lender upon the completion of construction or renovation projects. This affidavit serves as proof that the contractor has fulfilled all contractual obligations, and it is an essential step towards receiving the final payment. Keywords: Indiana Contractor's Affidavit, Lender, Release of Funds, Final Payment, Construction Projects, Renovation Projects, Legal Document, Contractors, Contractual Obligations. There may be variations of the Indiana Contractor's Affidavit to Induce Lender to Release Funds — Final Payment, including: 1. Residential Construction Final Payment Affidavit: Specifically designed for contractors involved in residential construction projects, this affidavit highlights the completion of construction work related to single-family homes, multi-family dwellings, or townhouses. 2. Commercial Construction Final Payment Affidavit: This type of affidavit focuses on commercial construction projects, such as office buildings, retail spaces, or industrial facilities. It confirms the contractor's completion of all necessary work and requests the final payment from the lender. 3. Renovation Final Payment Affidavit: This version of the affidavit pertains to contractors who have performed renovation projects, either for residential or commercial properties. It outlines the contractor's scope of work, confirms the successful completion of renovations, and requests the release of funds. 4. Government Contract Final Payment Affidavit: Specifically designed for contractors involved in government-funded construction projects, this affidavit includes additional documentation and certifications required by the government entity involved. It ensures compliance with specific regulations and confirms that all work has been completed satisfactorily. These variations cater to specific types of construction projects and address the unique requirements associated with residential or commercial construction, renovations, and government contracts. Note: It is always recommended consulting with a legal professional or attorney to ensure compliance with the specific regulations of Indiana and to customize the affidavit based on individual circumstances.
