North Dakota Contractor's Affidavit to Induce Lender to Release Funds - Final Payment

State:
Multi-State
Control #:
US-02484BG
Format:
Word; 
PDF; 
Rich Text
Instant download

Description

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.

Free preview
  • Preview Contractor's Affidavit to Induce Lender to Release Funds - Final Payment
  • Preview Contractor's Affidavit to Induce Lender to Release Funds - Final Payment
  • Preview Contractor's Affidavit to Induce Lender to Release Funds - Final Payment

How to fill out Contractor's Affidavit To Induce Lender To Release Funds - Final Payment?

You can spend hours online searching for the legal document template that complies with the federal and state requirements you need.

US Legal Forms offers thousands of legal forms that are verified by experts.

You can easily download or print the North Dakota Contractor's Affidavit to Induce Lender to Release Funds - Final Payment from the platform.

  1. If you have a US Legal Forms account, you can sign in and click on the Download button.
  2. Then, you can fill out, edit, print, or sign the North Dakota Contractor's Affidavit to Induce Lender to Release Funds - Final Payment.
  3. Every legal document template you purchase is yours to keep for years.
  4. To obtain another version of a purchased form, visit the My documents tab and click on the corresponding button.
  5. If you’re using the US Legal Forms website for the first time, follow the simple steps below.
  6. First, ensure that you have selected the correct document template for the region/town of your choice.

Form popularity

FAQ

An unconditional release means no restrictions are imposed on the release of the lien. This type of lien release is typically used in final project documents to verify the project completion, payment finalization, and your release of all future rights to file liens on the project.

A direct payment clause says that if you have paid the main contractor for work done by subcontractors and your money is not passed on to them, you can pay the subcontractor directly and deduct the payment from any other monies due to the main contractor.

A "Conditional Waiver and Release Upon Progress Payment" discharges all claimant rights through a specific date, provided the payments have actually been received and processed. An "Unconditional Waiver and Release Upon Final Payment" extinguishes all claimant rights upon receipt of the payment.

A Conditional Contractors Lien Release Form is a legal document basically stating that arrangements have been made to pay the lien by issuing a payment to the lien holder. The lien against the property shall be released only upon the condition that the payment clears the lending or banking institution.

A "Conditional Waiver and Release Upon Progress Payment" discharges all claimant rights through a specific date, provided the payments have actually been received and processed. An "Unconditional Waiver and Release Upon Final Payment" extinguishes all claimant rights upon receipt of the payment.

Unconditional Waiver and Release Upon Final Payment Use this form when the claimant is required to sign a waiver and release in exchange for, or in order to, induce a final payment and the claimant asserts in the waiver that he or she has received the final payment.

Conditional Waiver and Release Upon Final Payment Use this form when the claimant is required to sign a waiver and release in exchange for, or in order to, induce a final payment, and the claimant has not yet been paid. This release is only binding if there is evidence of payment to the claimant.

An unconditional release means no restrictions are imposed on the release of the lien. This type of lien release is typically used in final project documents to verify the project completion, payment finalization, and your release of all future rights to file liens on the project.

In most states (37 of them), contractors and suppliers are generally allowed to file a lien even if they don't have a written contract. In other words, the contractor could be working off on a verbal agreement, and yet still have the ability to file a lien claim.

Lien waivers generally come in two forms: conditional and unconditional. In a nutshell, conditional lien waivers show how much money is owing through a particular date, and unconditional lien waivers show how much money has been paid for work through a particular date.

Trusted and secure by over 3 million people of the world’s leading companies

North Dakota Contractor's Affidavit to Induce Lender to Release Funds - Final Payment