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.
Wyoming Contractor's Affidavit to Induce Lender to Release Funds — Final Payment is a legal document that is crucial for construction projects in Wyoming. This affidavit acts as a formal declaration by a contractor, stating that all the necessary work has been completed and payments to subcontractors, suppliers, and laborers have been satisfied in full. The primary purpose of this affidavit is to assure the lender that the contractor has fulfilled their obligations and has the right to request the final payment. By signing this document, the contractor is providing a legally binding affirmation that all work has been done according to the construction agreement and that there are no outstanding debts related to the project. This affidavit includes various essential details, such as the contractor's name, business address, and contact information. It also requires the contractor to specify the property for which the work was performed, including the legal description and address. Additionally, the affidavit typically includes the project's original contract amount, any approved change orders, and the total amount paid to date. Here are some variations of the Wyoming Contractor's Affidavit to Induce Lender to Release Funds — Final Payment that may exist: 1. Wyoming Contractor's Affidavit — Sworn Final Payment Request: This affidavit emphasizes the contractor's sworn statement regarding the final payment request, providing added legal weight to the document. 2. Wyoming Contractor's Affidavit — Notarized Final Payment Certification: This variation requires the contractor's signature to be notarized, further authenticating the declaration and ensuring its validity. 3. Wyoming Contractor's Affidavit — Commercial Construction Final Payment Request: This affidavit caters specifically to commercial construction projects, specifying the unique considerations and requirements that may arise in such cases. 4. Wyoming Contractor's Affidavit — Residential Construction Final Payment Request: Similar to the previous variation, this affidavit is tailored to residential construction projects, considering the specific aspects and regulations applicable to residential properties. It is important to note that the specific names and types of variations may vary, as the titles and requirements of legal documents can differ depending on the jurisdiction and individual circumstances. It is advisable to consult with a legal professional or refer to the official Wyoming statutes to ensure compliance with the latest regulations.
