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.
A Contractor's Affidavit to Induce Lender to Release Funds — Final Payment is a legal document used in the construction industry to ensure that contractors receive their final payment from a lender after completing a project in Phoenix, Arizona. This affidavit serves as proof that all contractual obligations have been met by the contractor and entitles them to the funds held by the lender for the project. Keywords: Phoenix Arizona, contractor's affidavit, induce lender, release funds, final payment, construction industry, contractual obligations. Types of Phoenix Arizona Contractor's Affidavit to Induce Lender to Release Funds — Final Payment may include: 1. Standard Contractor's Affidavit: This is the most common type of affidavit used by contractors in Phoenix, Arizona, to request the release of final payment from a lender. It includes details such as the contractor's name, project information, and a sworn statement declaring that all work has been completed according to the contract. 2. Architectural Contractor's Affidavit: This type of affidavit is specifically designed for architectural contractors in Phoenix, Arizona. It includes additional information related to architectural plans, inspections, and compliance with building codes. 3. Subcontractor's Affidavit: In cases where a subcontractor is seeking final payment, a subcontractor's affidavit is used. This affidavit includes details about the subcontractor's work, payments, and any outstanding issues that may affect the release of final funds. 4. Electrical Contractor's Affidavit: For electrical contractors in Phoenix, Arizona, an electrical contractor's affidavit is used to request the release of final payment. This affidavit includes specific details related to electrical work, permits, inspections, and compliance with electrical codes and regulations. 5. Plumbing Contractor's Affidavit: Similarly, plumbing contractors in Phoenix, Arizona, have a specific affidavit tailored to their needs. A plumbing contractor's affidavit includes details about plumbing work performed, permits, inspections, and adherence to plumbing codes and standards. 6. General Contractor's Affidavit: This type of contractor's affidavit is used by general contractors who oversee multiple trades on a construction project. It encompasses all aspects of the project and includes statements from subcontractors, architects, and engineers to ensure that all work has been satisfactorily completed. These various types of Contractor's Affidavits to Induce Lender to Release Funds — Final Payment ensure that contractors in Phoenix, Arizona, can effectively request the release of funds owed to them after fulfilling their contractual obligations in the construction industry.
