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.
A Vermont Contractor's Affidavit to Induce Lender to Release Funds — Final Payment is a legal document that serves as a declaration made by a contractor or subcontractor from Vermont to a lender. This affidavit is used to assure the lender that all work has been completed according to the terms of the construction contract and that all materials, labor, and associated costs have been paid in full. By providing this affidavit, the contractor is requesting the lender to release the final payment for the project. Keywords: Vermont Contractor's Affidavit, Induce Lender, Release Funds, Final Payment, construction contract, subcontractor. Different types of Vermont Contractor's Affidavit to Induce Lender to Release Funds — Final Payment may include: 1. General Contractor's Affidavit: This affidavit is typically submitted by the main contractor who oversees the entire construction project. It certifies that all work, including subcontractor payments, has been completed satisfactorily and in compliance with the contract terms. 2. Subcontractor's Affidavit: This type of affidavit is filed by subcontractors who have performed specific work or provided services within the construction project. It confirms that all payment obligations for their work have been fulfilled. 3. Partial Payment Affidavit: In certain situations, contractors may also submit a partial payment affidavit when requesting release of funds for completed stages or milestones of the project. This document specifies the amount of the partial payment being claimed and verifies that all necessary conditions have been met. 4. Final Payment Affidavit: The final payment affidavit acts as the conclusive declaration by the contractor or subcontractor, reassuring the lender that all work has been finished, and all payments have been made. It signifies the completion of the project and requests the release of the remaining funds. Keywords: General Contractor's Affidavit, Subcontractor's Affidavit, Partial Payment Affidavit, Final Payment Affidavit, construction project, milestones, completion. Note: It is essential to consult with a qualified attorney or legal professional to ensure the accuracy and compliance of any legal documents, including Vermont Contractor's Affidavit to Induce Lender to Release Funds — Final Payment, as laws and requirements may vary.
