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 Washington Contractor's Affidavit to Induce Lender to Release Funds — Final Payment is a legal document that plays a crucial role in the construction industry. This affidavit is specifically designed to ensure that contractors receive their final payment from lenders after completing a construction project. By providing this document, contractors can assert their right to collect the remaining funds they are owed from the project. Keywords: Washington Contractor's Affidavit, Induce Lender to Release Funds, Final Payment, Construction industry, Legal document, Contractors, Construction project. There are various types of Washington Contractor's Affidavit to Induce Lender to Release Funds — Final Payment: 1. General Washington Contractor's Affidavit to Induce Lender to Release Funds — Final Payment: This standard affidavit is used by contractors in Washington to request the release of their final payment from lenders upon project completion. It includes specific information about the project, contractor's details, and amounts owed. 2. Residential Washington Contractor's Affidavit to Induce Lender to Release Funds — Final Payment: This affidavit is used specifically for residential construction projects in Washington. It addresses the unique considerations and regulations that apply to residential construction contracts, ensuring contractors receive their final payment. 3. Commercial Washington Contractor's Affidavit to Induce Lender to Release Funds — Final Payment: Designed for commercial construction projects, this affidavit is tailored to address the specific requirements and complexities of commercial construction contracts in Washington. It serves as a formal request for the release of final payment to contractors. 4. Public Works Washington Contractor's Affidavit to Induce Lender to Release Funds — Final Payment: For construction projects involving public works, such as government-funded projects, this affidavit is utilized by contractors in Washington to assert their right to receive the final payment from the lender once the project reaches completion. Washington Contractor's Affidavit to Induce Lender to Release Funds — Final Payment is an essential document that ensures fair and timely payments for contractors in Washington's construction industry. Contractors must carefully fill out the affidavit, providing all the necessary information, to successfully induce lenders to release the remaining funds owed to them upon completing a construction project.
