Description: The Wake North Carolina Contractor's Affidavit of Payment to Subs is an essential document used by contractors in Wake County, North Carolina, to formally acknowledge and certify the payment of subcontractors on a construction project. It serves as a legal instrument to ensure transparency, accountability, and protection for all parties involved in the construction process. Keywords: Wake North Carolina, Contractor's Affidavit, Payment to Subs, construction project, subcontractors, transparency, accountability, legal instrument, protection. There are different types of Wake North Carolina Contractor's Affidavit of Payment to Subs, depending on the specific situation and requirements. They include: 1. Standard Contractor's Affidavit of Payment to Subs: This is the most common type of affidavit used by contractors in Wake County, North Carolina. It confirms that the contractor has paid all subcontractors in accordance with the terms of their contract. 2. Partial Contractor's Affidavit of Payment to Subs: This affidavit is used when the contractor has made partial payments to subcontractors and needs to provide documentation of these payments. 3. Final Contractor's Affidavit of Payment to Subs: This type of affidavit is used when the contractor has completed the project and has made final payments to all subcontractors. It serves as proof that all financial obligations have been fulfilled. 4. Affidavit of Non-Payment to Subs: In some cases, a contractor may encounter disputes or issues with subcontractors regarding payments. This affidavit is used to declare that the contractor has not made any payments to the specific subcontractor due to non-performance or other valid reasons. 5. Affidavit of Waiver of Lien Rights: This affidavit is used when subcontractors waive their rights to file a mechanic's lien against the property. It ensures that subcontractors have been duly compensated and relinquish any further claims for payment. Regardless of the type, the Wake North Carolina Contractor's Affidavit of Payment to Subs is a crucial document in the construction industry. It promotes transparency, details the payment process, safeguards the interests of subcontractors, and ensures the successful execution of construction projects.
Wake North Carolina Contractor's Affidavit of Payment to Subs
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FAQ
AIA Document G70621221994 requires the contractor to list any indebtedness or known claims in connection with the construction contract that have not been paid or otherwise satisfied.
This is a standard form for use when a surety company is involved and the owner/contractor agreement contains a clause whereby retainage is reduced during the course of the construction project.
Form G702 (Application and Certificate for Payment) is used by subcontractors throughout America to make the procedure for receiving payments for work performed regulated and convenient for all parties to the process. Such forms indicate the amount of payment paid for the work done for a certain period.
In North Carolina, the claiming party has 120 days from the last date of furnishing to file the lien. N.C. Gen. Stat. § 44A-12(b).
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Subcontractors have to comply with the terms of the contract as well. They are held accountable for their work by the contractor and the customer. Punctuality and minimal time off is essential. Frequent communication between the subcontractor, general contractor and the customer helps to avoid problems down the road.
AIA Document G706A21221994 supports AIA Document G70621221994 in the event that the owner requires a sworn statement of the contractor stating that all releases or waivers of liens have been received.
In North Carolina, a lien claimant has 120 days from the date of last furnishing to complete these 3 steps:Fill out a mechanics lien form that meets NC requirements.File the lien with the county recorder's office.Serve a copy of the lien on the property owner.
AIA Document G706 is intended for use when the Contractor is required to provide a sworn statement verifying that debts and claims have been settled, except for those listed by the Contractor under EXCEPTIONS in the document. AIA Document G706 is typically executed as a condition of final payment.