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.
The Michigan Contractor's Affidavit to Induce Lender to Release Funds — Final Payment is a legal document used in the state of Michigan to request the release of final payment from a lender for a construction project. This affidavit serves as proof that all work has been completed and payments to subcontractors and suppliers have been made. Keywords: Michigan, Contractor's Affidavit, Induce Lender, Release Funds, Final Payment. There are various types of Michigan Contractor's Affidavit to Induce Lender to Release Funds — Final Payment, based on the specific situation or type of construction project. Some common variations include: 1. Residential Construction Contractor's Affidavit — Final Payment: This affidavit is used for residential construction projects, such as building or renovating a house or residential property. It confirms that all work has been completed and all payments made to subcontractors and suppliers involved in the project. 2. Commercial Construction Contractor's Affidavit — Final Payment: This affidavit is specifically designed for commercial construction projects, such as office buildings, shopping centers, or industrial facilities. It verifies that all work has been finished, and payments have been made to subcontractors and suppliers. 3. Public Works Contractor's Affidavit — Final Payment: Public works projects, such as highways, bridges, or government buildings, may require a specific type of Contractor's Affidavit. This affidavit ensures that the contractor has fulfilled all requirements, including paying prevailing wages and making payments to subcontractors and suppliers. 4. Subcontractor's Affidavit — Final Payment: In some cases, subcontractors involved in a construction project may be required to submit a separate affidavit to induce the lender to release final payment. This affidavit serves as a confirmation that all work has been completed and payments have been made to their suppliers and subcontractors. It's important to note that the specific type of Michigan Contractor's Affidavit to Induce Lender to Release Funds — Final Payment may vary depending on the project's nature, contractual agreements, or lender's requirements. Always consult with legal professionals or relevant authorities to ensure the correct document is used.
