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 Tennessee Contractor's Affidavit to Induce Lender to Release Funds — Final Payment is a legal document that contractors in Tennessee may need to submit to prompt the release of funds from a lender. This affidavit serves as proof that all work has been completed, materials have been properly supplied, and any outstanding payments or liens have been settled. By providing accurate and detailed information, contractors can assure the lender that the project is finished and request the final payment to be released. Keywords: Tennessee, contractor's affidavit, induce lender, release funds, final payment, types 1. Tennessee Final Payment Affidavit: This variant of the affidavit specifically applies to the completion of the final payment milestone in the construction or renovation project. 2. Contractor's Affidavit to Induce Lender: This type of affidavit highlights the contractor's intention to persuade the lender to release the funds necessary for the completion of the project. It emphasizes the contractor's compliance with all legal and contractual obligations. 3. Tennessee Construction Funding Affidavit: This affidavit focuses on providing lenders with the necessary documentation to justify the release of funds earmarked for the completion of the construction project. It ensures transparency and accountability for the use of said funds. 4. Final Payment Release Affidavit: Contractors may use this affidavit to assert that all work has been successfully completed and that all outstanding payments have been settled in order to prompt the lender's final payment release. It offers assurance of the project's satisfactory completion. 5. Lender's Release of Funds Affidavit: This type of affidavit requests the lender to release funds that have been withheld for the construction project. Contractors provide details about the completion of work, payment of subcontractors and suppliers, and any other relevant information to justify the release of funds. 6. Tennessee Lien Waiver Affidavit: Sometimes referred to as a "Tennessee Contractor's Conditional Lien Waiver," this affidavit acts as a proof of payment and a waiver of lien rights by the contractor, assuring the lender that all subcontractors and suppliers have been paid in full. This document often accompanies the final payment affidavit. Overall, the Tennessee Contractor's Affidavit to Induce Lender to Release Funds — Final Payment is a crucial document that contractors in Tennessee must familiarize themselves with. By using these various types of affidavits efficiently, contractors can help streamline the payment process, ensure proper financial management, and maintain positive relationships with lenders.
