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.
Mississippi Contractor's Affidavit to Induce Lender to Release Funds — Final Payment is a legal document used by contractors in Mississippi to request the release of final payment from a lender or financial institution after completing a construction project. This affidavit serves as evidence that the contractor has fulfilled all contractual obligations, including the provision of labor, materials, and services. Keywords: Mississippi, contractor's affidavit, induce lender, release funds, final payment, construction project. There are several types of Mississippi Contractor's Affidavit to Induce Lender to Release Funds — Final Payment, which may vary based on specific requirements or circumstances: 1. Standard Mississippi Contractor's Affidavit to Induce Lender to Release Funds — Final Payment: This is the most common type of affidavit used by contractors in Mississippi to request the release of final payment from a lender. 2. Residential Mississippi Contractor's Affidavit to Induce Lender to Release Funds — Final Payment: This affidavit is specifically designed for residential construction projects, ensuring compliance with relevant state laws and regulations applicable to residential properties. 3. Commercial Mississippi Contractor's Affidavit to Induce Lender to Release Funds — Final Payment: This type of affidavit is tailored for commercial construction projects, considering the unique aspects and requirements of commercial properties and businesses. 4. Government Contracts Mississippi Contractor's Affidavit to Induce Lender to Release Funds — Final Payment: This affidavit is used when contractors are involved in construction projects funded by government entities, ensuring adherence to additional regulations and compliance with relevant procurement procedures. In conclusion, the Mississippi Contractor's Affidavit to Induce Lender to Release Funds — Final Payment is a crucial document for contractors in Mississippi to receive their final payment from a lender. Different variations of this affidavit cater to various scenarios, including residential, commercial, and government-funded construction projects.
