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.
Missouri Contractor's Affidavit to Induce Lender to Release Funds — Final Payment Keywords: Missouri, contractor's affidavit, induce, lender, release funds, final payment. Description: A Missouri Contractor's Affidavit to Induce Lender to Release Funds — Final Payment is a legal document used by contractors in Missouri to ensure the release of funds by the lender upon completion of a construction project. It is an essential part of the payment process that helps contractors avoid delays in receiving their final payment. This affidavit serves as a formal statement from the contractor to the lender, affirming that all work on the project has been completed in accordance with the contract documents, plans, and specifications. By signing this document, the contractor guarantees that all subcontractors, suppliers, and laborers involved in the project have been fully paid. Moreover, the affidavit includes crucial information such as the project's name, location, and description, as well as the contractor's name, address, and contact details. It outlines the total contract amount, the amount previously paid, and the remaining balance owed to the contractor. These details provide a clear picture of the financial aspects of the project. In some cases, there may be different types of Missouri Contractor's Affidavit to Induce Lender to Release Funds — Final Payment, based on various factors such as the size of the project or specific requirements set by the lender. However, the core purpose of all these affidavits remains the same, i.e., to ensure that contractors receive their final payment promptly. To conclude, a Missouri Contractor's Affidavit to Induce Lender to Release Funds — Final Payment is a vital document for contractors in Missouri, as it guarantees the release of funds upon successful completion of a construction project. By providing necessary details and affirmations, this affidavit helps contractors establish their right to receive the final payment they deserve.
