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.
Guam Contractor's Affidavit to Induce Lender to Release Funds — Final Payment is a legal document commonly used in Guam's construction industry. This affidavit serves as a means for contractors to request the release of final payment from a lender after the completion of a construction project. By providing specific information and assurances, contractors aim to convince lenders to release the remaining funds to ensure prompt payment for their work. Keywords: Guam, contractor, affidavit, induce, lender, release funds, final payment, construction project, legal document. Different types of Guam Contractor's Affidavit to Induce Lender to Release Funds — Final Payment could include: 1. Standard Guam Contractor's Affidavit to Induce Lender to Release Funds — Final Payment: This is the most common and widely used form of the affidavit, applicable to most construction projects in Guam seeking final payment release from lenders. 2. Variation for Government Contracts: This version of the affidavit is specifically tailored for contractors engaged in government construction projects in Guam. It includes additional clauses and requirements that comply with government regulations and processes. 3. Variation for Residential Construction: This type of affidavit is designed for contractors involved in residential construction projects in Guam. It may have particular sections or provisions related to housing regulations, homeowner protection, or any specific requirements governing residential construction in Guam. 4. Variation for Commercial Construction: This affidavit variation is specifically created for contractors working on commercial construction projects in Guam. It may contain provisions that address commercial building codes, compliance with zoning regulations, and any other requirements unique to commercial construction. It's important to consult with legal professionals or review local laws to determine the specific type of affidavit required for a given construction project in Guam and ensure compliance with all relevant regulations.
