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 Ohio Contractor's Affidavit to Induce Lender to Release Funds — Final Payment is a legal document that serves as a crucial step in the construction process. When completing a construction project in Ohio, contractors often find themselves waiting for payment from lenders. The purpose of this affidavit is to assure the lender that all work has been completed according to the terms of the contract and that it is now time for the final payment to be released. This affidavit acts as a formal statement made by the contractor, verifying that they have fulfilled all obligations and completed all work as per the agreed-upon terms and specifications. By signing this document, contractors declare that all subcontractors, suppliers, and laborers have been paid and that there are no outstanding debts or claims related to the project. Keywords: Ohio, Contractor's Affidavit, Induce Lender, Release Funds, Final Payment, construction project, legal document, construction process, obligations, specifications, subcontractors, suppliers, laborers, outstanding debts, claims. Different types of Ohio Contractor's Affidavit to Induce Lender to Release Funds — Final Payment may include: 1. General Contractor's Affidavit: This is the affidavit filed by the primary contractor responsible for overseeing the entire construction project. 2. Subcontractor's Affidavit: This affidavit is completed by subcontractors who have worked on the project under the primary contractor. It verifies that they have fulfilled their obligations and requests payment from the lender. 3. Supplier's Affidavit: Suppliers of materials and equipment to the construction project may fill out this affidavit to claim payment directly from the lender. 4. Laborer's Affidavit: This type of affidavit is completed by individual workers or laborers who have contributed to the construction project. By signing this affidavit, they affirm that they have been compensated for their services and acknowledge their satisfaction with the project's progress. These different variations of the Ohio Contractor's Affidavit to Induce Lender to Release Funds — Final Payment ensure that all parties involved in the construction process are properly accounted for and paid according to their respective agreements.
