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.
Wisconsin Contractor's Affidavit to Induce Lender to Release Funds — Final Payment is a legal document that serves as an assurance from a contractor to a lender, ensuring that all payments towards a construction project have been made and there are no outstanding debts or liens. This affidavit is typically required by lenders before they release the final payment to the contractor. Keywords: Wisconsin, Contractor's Affidavit, Induce Lender, Release Funds, Final Payment, Construction Project, Outstanding Debts, Liens. Different types of Wisconsin Contractor's Affidavit to Induce Lender to Release Funds — Final Payment may include: 1. General Contractor's Affidavit: This affidavit is submitted by the main/general contractor responsible for overseeing the entire construction project. 2. Subcontractor's Affidavit: This affidavit is submitted by subcontractors who have been hired by the general contractor to perform specific tasks within the project. It verifies that subcontractors have been compensated appropriately and that no outstanding debts or liens exist against their work. 3. Material Supplier's Affidavit: This affidavit is submitted by material suppliers who have provided goods or materials for the construction project. It attests that the supplier has been paid in full and there are no liabilities or claims against their products. 4. Architect's/Engineer's Affidavit: In some cases, architects or engineers involved in the planning and design of the construction project may be required to provide an affidavit to assure the lender that they have been compensated and have no outstanding debts or claims related to their services. These various types of affidavits are designed to ensure transparency and protect the interests of the lender, contractors, subcontractors, and suppliers involved in a construction project in Wisconsin.
