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 Kansas 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 enables contractors in Kansas to request the release of final payment from lenders upon completion of a construction project. This affidavit serves as a verification of the contractor's compliance with all contractual obligations and ensures that lenders can confidently release funds to contractors after the project's successful completion. Keywords: Kansas, contractor's affidavit, induce, lender, release funds, final payment, construction project, compliance, contractual obligations, successful completion. Different types of Kansas Contractor's Affidavit to Induce Lender to Release Funds — Final Payment may include: 1. Standard Contractor's Affidavit: This type of affidavit is commonly used for general construction projects, covering various aspects, such as labor, materials, equipment, and adherence to safety regulations. 2. Subcontractor's Affidavit: This affidavit is specifically tailored for subcontractors who have worked on a project under the supervision of the primary contractor. It allows subcontractors to request the release of funds from lenders for their portion of the project. 3. Specialty Contractor's Affidavit: Specialty contractors, such as electrical or plumbing contractors, may require a specific affidavit to detail their specialized contributions to the project. This affidavit ensures that lenders release funds for the completion of their specific scope of work. 4. Supplier's Affidavit: Suppliers who provide materials or equipment for a construction project can utilize this affidavit to request the release of funds from lenders. It verifies the supplier's contributions and their eligibility for final payment. 5. Retain age Release Affidavit: In cases where retain age or a percentage of the total project cost is held back as a form of security, this affidavit allows contractors to request the release of the remaining funds held by the lender. 6. Final Inspection Affidavit: This type of affidavit is necessary when final inspections are required before the lender can release the funds. Contractors must provide proof that all necessary inspections have been successfully completed, and the project meets all applicable building codes and regulations. In summary, the Kansas Contractor's Affidavit to Induce Lender to Release Funds — Final Payment is a critical document for contractors in Kansas. It enables them to request the release of final payment from lenders by verifying their compliance with contractual obligations. Different types of affidavits cater to specific contractor roles or project requirements, ensuring the accurate and fair release of funds upon project completion.
