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 Kentucky Contractor's Affidavit to Induce Lender to Release Funds — Final Payment is a legal document used in construction projects to request the release of final payment from a lender. This affidavit serves as proof that all work has been completed satisfactorily and all subcontractors, suppliers, and other parties have been paid in full. By providing this affidavit, contractors aim to reassure the lender that there are no outstanding financial obligations that could potentially result in a lien on the property. Keywords: Kentucky Contractor's Affidavit, Induce Lender to Release Funds, Final Payment, construction projects, legal document, lender, final payment, satisfactorily, subcontractors, suppliers, parties, paid in full, outstanding financial obligations, lien on the property. Different types of Kentucky Contractor's Affidavit to Induce Lender to Release Funds — Final Payment may include: 1. General Contractor's Affidavit: Used when the contractor is the primary party responsible for overseeing and managing the construction project. 2. Subcontractor's Affidavit: Used when a subcontractor is requesting the release of final payment from the lender. This affidavit may be required by the general contractor before the lender releases funds. 3. Supplier's Affidavit: Used when a supplier of materials or equipment is requesting the release of final payment. This affidavit proves that all supplied materials have been paid for in full, preventing any potential issues with liens. 4. Professional Service Provider's Affidavit: Used when a professional service provider, such as an architect or engineer, is requesting the release of final payment. This affidavit confirms that all services have been completed and compensated for. These different types of affidavits cater to the specific roles and responsibilities within the construction industry, ensuring that all parties involved are protected and the lender can release funds confidently.
