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.
Montana Contractor's Affidavit to Induce Lender to Release Funds — Final Payment is a legal document used in Montana to ensure that contractors receive their final payment from a lender upon completion of a construction project. This affidavit serves as a guarantee for lenders that all subcontractors, suppliers, and other parties involved in the project have been paid in full. Keywords: Montana, contractor's affidavit, induce lender, release funds, final payment. Different types of Montana Contractor's Affidavit to Induce Lender to Release Funds — Final Payment may include: 1. General Contractor's Affidavit: This affidavit is typically used when the general contractor manages the entire construction project and is responsible for ensuring that all subcontractors and suppliers are paid. 2. Subcontractor's Affidavit: This affidavit is used when a subcontractor seeks payment directly from the lender because the general contractor failed to make the necessary payments. 3. Supplier's Affidavit: This affidavit is used when suppliers of materials or equipment used in the construction project seek payment directly from the lender. 4. Conditional Lien Waiver Affidavit: This affidavit is used to waive the rights of lien claimants in exchange for partial or final payment from the lender. It ensures that the contractor agrees not to file a lien against the property once payment is received. 5. Unconditional Lien Waiver Affidavit: This affidavit is similar to the conditional lien waiver affidavit, but in this case, the contractor waives their rights to file a lien without any conditions or qualifications. Montana Contractor's Affidavit to Induce Lender to Release Funds — Final Payment is a crucial document that protects both contractors and lenders involved in construction projects. It ensures that contractors receive their rightful payment while providing lenders with the assurance that all parties involved in the project have been paid.
