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.
Chicago Illinois Contractor's Affidavit to Induce Lender to Release Funds — Final Payment is a legal document commonly used in construction projects in the city of Chicago, Illinois. This affidavit serves as an assurance to the lender that all work has been completed satisfactorily and that the contractor is entitled to receive the final payment. Keywords: Chicago Illinois, contractor's affidavit, induce lender, release funds, final payment. Different types of Chicago Illinois Contractor's Affidavit to Induce Lender to Release Funds — Final Payment may include: 1. Residential Contractor's Affidavit: This affidavit is specifically tailored for residential construction projects, such as single-family homes or condominiums, in Chicago, Illinois. It outlines the necessary information and declarations related to the completion of the residential project. 2. Commercial Contractor's Affidavit: This affidavit is used for commercial construction projects, including office buildings, retail spaces, or industrial facilities, in Chicago, Illinois. It includes specific provisions and declarations relevant to commercial construction projects. 3. Public Works Contractor's Affidavit: This type of affidavit is required for contractors working on public works projects in Chicago, Illinois. It contains additional information and certifications required by governmental entities or agencies involved in public infrastructure development. 4. Renovation Contractor's Affidavit: This affidavit is designed for contractors involved in renovation or remodeling projects in Chicago, Illinois. It highlights the specific work undertaken to improve existing structures and the completion of such renovation work. 5. Subcontractor's Affidavit: This variation of the affidavit is used by subcontractors who were hired by the primary contractor to work on specific tasks within the construction project. It outlines the sub-contractor's completion of labor or provision of materials, highlighting their right to receive payment from the lender. Keywords: Residential, commercial, public works, renovation, subcontractor, Chicago Illinois, contractor's affidavit, induce lender, release funds, final payment. In conclusion, the Contractor's Affidavit to Induce Lender to Release Funds — Final Payment is a crucial legal document used by contractors in Chicago, Illinois, to ensure that they receive the final payment for completed construction projects. Various types of affidavits exist, including those for residential, commercial, public works, renovation, and subcontractors, each tailored to specific construction scenarios in the city.Chicago Illinois Contractor's Affidavit to Induce Lender to Release Funds — Final Payment is a legal document commonly used in construction projects in the city of Chicago, Illinois. This affidavit serves as an assurance to the lender that all work has been completed satisfactorily and that the contractor is entitled to receive the final payment. Keywords: Chicago Illinois, contractor's affidavit, induce lender, release funds, final payment. Different types of Chicago Illinois Contractor's Affidavit to Induce Lender to Release Funds — Final Payment may include: 1. Residential Contractor's Affidavit: This affidavit is specifically tailored for residential construction projects, such as single-family homes or condominiums, in Chicago, Illinois. It outlines the necessary information and declarations related to the completion of the residential project. 2. Commercial Contractor's Affidavit: This affidavit is used for commercial construction projects, including office buildings, retail spaces, or industrial facilities, in Chicago, Illinois. It includes specific provisions and declarations relevant to commercial construction projects. 3. Public Works Contractor's Affidavit: This type of affidavit is required for contractors working on public works projects in Chicago, Illinois. It contains additional information and certifications required by governmental entities or agencies involved in public infrastructure development. 4. Renovation Contractor's Affidavit: This affidavit is designed for contractors involved in renovation or remodeling projects in Chicago, Illinois. It highlights the specific work undertaken to improve existing structures and the completion of such renovation work. 5. Subcontractor's Affidavit: This variation of the affidavit is used by subcontractors who were hired by the primary contractor to work on specific tasks within the construction project. It outlines the sub-contractor's completion of labor or provision of materials, highlighting their right to receive payment from the lender. Keywords: Residential, commercial, public works, renovation, subcontractor, Chicago Illinois, contractor's affidavit, induce lender, release funds, final payment. In conclusion, the Contractor's Affidavit to Induce Lender to Release Funds — Final Payment is a crucial legal document used by contractors in Chicago, Illinois, to ensure that they receive the final payment for completed construction projects. Various types of affidavits exist, including those for residential, commercial, public works, renovation, and subcontractors, each tailored to specific construction scenarios in the city.
