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.
Houston Texas Contractor's Affidavit to Induce Lender to Release Funds — Final Payment is a legal document used in construction projects in Houston, Texas. This affidavit serves as a formal request from the contractor to the lender for the release of final payment upon the completion of the project. It includes specific keywords that are relevant to this context, such as: 1. Houston Texas: This refers to the geographical location where the construction project is taking place, highlighting its relevance and jurisdiction. 2. Contractor: This term refers to the individual or company responsible for the construction project. The contractor is typically required to submit this affidavit to the lender to seek the release of final payment. 3. Affidavit: An affidavit is a sworn statement made under oath, in this case, by the contractor. It confirms that all work has been completed per the agreed-upon terms and specifications, and that all subcontractors, suppliers, and laborers have been paid. 4. Induce Lender: The purpose of the affidavit is to induce or persuade the lender to release the final payment to the contractor. This is done by providing evidence that all work has been satisfactorily completed and all necessary payments have been made. 5. Release Funds: The affidavit is specifically intended to request the lender to release the funds held in escrow for the project's final payment. Upon satisfactory verification of the completion of the construction project, the lender can disburse the funds accordingly. There are no specific types of Houston Texas Contractor's Affidavit to Induce Lender to Release Funds — Final Payment mentioned in the prompt. However, it's worth noting that variations of this affidavit may exist, depending on the specific requirements and regulations of different construction projects or lenders involved in Houston, Texas.Houston Texas Contractor's Affidavit to Induce Lender to Release Funds — Final Payment is a legal document used in construction projects in Houston, Texas. This affidavit serves as a formal request from the contractor to the lender for the release of final payment upon the completion of the project. It includes specific keywords that are relevant to this context, such as: 1. Houston Texas: This refers to the geographical location where the construction project is taking place, highlighting its relevance and jurisdiction. 2. Contractor: This term refers to the individual or company responsible for the construction project. The contractor is typically required to submit this affidavit to the lender to seek the release of final payment. 3. Affidavit: An affidavit is a sworn statement made under oath, in this case, by the contractor. It confirms that all work has been completed per the agreed-upon terms and specifications, and that all subcontractors, suppliers, and laborers have been paid. 4. Induce Lender: The purpose of the affidavit is to induce or persuade the lender to release the final payment to the contractor. This is done by providing evidence that all work has been satisfactorily completed and all necessary payments have been made. 5. Release Funds: The affidavit is specifically intended to request the lender to release the funds held in escrow for the project's final payment. Upon satisfactory verification of the completion of the construction project, the lender can disburse the funds accordingly. There are no specific types of Houston Texas Contractor's Affidavit to Induce Lender to Release Funds — Final Payment mentioned in the prompt. However, it's worth noting that variations of this affidavit may exist, depending on the specific requirements and regulations of different construction projects or lenders involved in Houston, Texas.
