The North Carolina Contractor's Final Affidavit of Payment to Subcontractors is a legal document that serves as proof of payment for subcontractors working on a construction project. It is typically used in the construction industry to ensure that all parties involved are accurately compensated for their work. The affidavit includes detailed information about the project, such as the project name, location, and description. It also includes the necessary contact information for the general contractor, subcontractor, and any applicable suppliers or vendors involved in the project. Furthermore, the affidavit outlines the specific subcontractors who have been contracted to work on the project, providing their names, addresses, and payment details. It also includes the corresponding amount paid to each subcontractor, as well as the dates of payment. The purpose of this document is twofold. Firstly, it allows the general contractor to confirm that all payments to subcontractors have been made in a timely manner. This helps mitigate potential disputes or claims of non-payment in the future. Secondly, it provides a record for the property owner or project owner, ensuring transparency and accountability in the payment process. It is worth noting that while there is a generic form for the North Carolina Contractor's Final Affidavit of Payment to Subcontractors, there may be variations depending on the project and specific contractual agreements. Different types of North Carolina Contractor's Final Affidavits of Payment to Subcontractors may include variations for different types of construction projects, such as residential, commercial, or public infrastructure projects. In addition, the form may vary depending on the legal requirements of the jurisdiction in which the construction project is taking place. As such, it is essential to consult with legal professionals or industry experts to ensure compliance with local regulations and to use the appropriate form for each specific project. Overall, the North Carolina Contractor's Final Affidavit of Payment to Subcontractors is a crucial document in the construction industry, providing evidence of timely and accurate payment to subcontractors and promoting transparency and fair practices in the payment process.
Contractor's Final Payment Affidavit Pdf
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Set a payment schedule in the contract. You never want to pay a contractor more than 50% up front. Depending on the size of the job, your initial payment is ideally going to be no more than roughly 30% of the total cost of the project.
When the subcontractor does not get paid then they have grounds to pursue the contractor for monies owed. This could be in the form of wages or unpaid invoices for services rendered. In the USA, the owner of the property can be held liable for payment under a Mechanics Lien.
AIA Document G702®1992, Application and Certificate for Payment, and G703A®1992, Continuation Sheet, provide convenient and complete forms on which the contractor can apply for payment and the architect can certify that payment is due.
North Carolina has a three-year statute of limitations period on actions for breach of contract and negligence. This means that claims based on a contract with the builder must be brought within this period, or they are barred.
AIA Document G70621221994 requires the contractor to list any indebtedness or known claims in connection with the construction contract that have not been paid or otherwise satisfied.
Paying subcontractorsYou usually pay your subcontractors directly. But you can pay them through a third party (such as a relative or debt company) if they ask you to. If you make deductions, you must give the subcontractor a payment and deduction statement within 14 days of the end of each tax month.
In North Carolina, pay-when-paid clauses are unenforceable. In South Carolina, however, they generally can be enforced; so standard contracts issued in the state may contain the provision.
AIA Document G706 is intended for use when the Contractor is required to provide a sworn statement verifying that debts and claims have been settled, except for those listed by the Contractor under EXCEPTIONS in the document. AIA Document G706 is typically executed as a condition of final payment.
Public projects As for payments to subcontractors, both periodic and final payments are covered under the statute. North Carolina law states that once a prime contractor receives payment from the public entity, they are required to pay their subs and suppliers within 7 days of receipt.
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There may be other persons involved in a work or an employee that has not given informed consent for his or her information to be used in any manner by third parties, regardless of whether the third parties are a third party or working parties. Any person obtaining information through a direct or indirect contractual or other relationship with a third party is considered to be the subject party to the relationship. In all cases, the person providing the information is legally responsible for its use and disclosure.