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The Final Payment Affidavit is a sworn statement that serves as a comprehensive outline, issued after completion of a project, to notify the property owner of how much money is still owed for materials and services provided.

A contractor's affidavit provides reassurance to the project owner that all contractors and vendors on the project have been paid for the work they provided. By signing the form, the contractor swears that payment has been made to everyone working on the project, except those listed on the affidavit.

The purpose of the Contractor's Final Payment Affidavit is to provide a sworn statement to the owner identifying any lienors who have not been paid in full and specifying how much money is still owed to those lienors.

A project is to be considered abandoned after 90 days if the contractor terminates the project without just cause or without proper notification to the prospective owner, including the reason for termination, or fails to perform work without just cause for 90 consecutive days.

Document G706™–1994 requires the contractor to list any indebtedness or known claims in connection with the construction contract that have not been paid or otherwise satisfied.

A contractor's affidavit provides reassurance to the project owner that all contractors and vendors on the project have been paid for the work they provided. By signing the form, the contractor swears that payment has been made to everyone working on the project, except those listed on the affidavit.

When you are preparing your Affidavit, you must: use plain language. write in the first person. only state the facts. be specific - use dates, times, amounts, locations and names where possible. refer to any conversations using the actual words spoken, for example, I said to Jane words to the effect, “That's fine.”

This means that if a lien is filed against your property, your property could be sold against your will to pay for labor, materials, or other services which your contractor may have failed to pay.