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.
North Dakota Contractor's Affidavit to Induce Lender to Release Funds — Final Payment is a crucial legal document that provides assurance to lenders that a contractor has fulfilled their obligations and completed the necessary work in accordance with the terms of the construction contract. This affidavit serves as a request for the release of final payment from the lender to the contractor. Keywords: North Dakota, Contractor's Affidavit, Induce Lender, Release Funds, Final Payment There are different types of North Dakota Contractor's Affidavit to Induce Lender to Release Funds — Final Payment, including: 1. Standard Contractor's Affidavit: This is the most common type of affidavit used by contractors in North Dakota to request the release of final payment from the lender. It includes all the necessary information related to the project, such as project details, the amount due, completion date, and contractor's statement of work completion. 2. Partial Payment Contractor's Affidavit: In certain cases, a contractor may require interim or partial payment throughout the project duration. This type of affidavit is used to request the release of a specific portion of the final payment before the project's completion. It includes details of the work completed up to that point and the corresponding amount due. 3. Retroactive Contractor's Affidavit: In situations where a contractor has already completed the work and received payment without submitting an initial affidavit, a retroactive affidavit may be required. This affidavit seeks to induce the lender to release any withheld funds that were not previously claimed due to missing documentation. 4. Conditional Lien Waiver and Contractor's Affidavit: When a contractor wants to release any potential liens on the property, they may combine a lien waiver with an affidavit. This type of affidavit affirms that the contractor has received the final payment and waives any future claims or liens against the property. These various types of North Dakota Contractor's Affidavits to Induce Lender to Release Funds — Final Payment provide contractors with the necessary legal framework to ensure the completion of construction projects and facilitate the release of payments in a timely and efficient manner.
