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 Oklahoma Contractor's Affidavit to Induce Lender to Release Funds — Final Payment is a legal document that contractors in Oklahoma can utilize to request the release of funds from a lender upon the completion of a construction project. This affidavit serves as proof that the contractor has fulfilled all the necessary requirements and obligations, ensuring that the lender can safely release the final payment. One type of Oklahoma Contractor's Affidavit to Induce Lender to Release Funds — Final Payment is the Standard Affidavit. This is the most commonly used form, allowing contractors to declare that all work has been satisfactorily completed, all subcontractors and suppliers have been duly paid, and that there are no outstanding debts or claims against the project. Contractors must carefully fill in the necessary details such as project address, contract amount, payment schedule, and other relevant information. Another type of affidavit is the Conditional Affidavit, which involves certain conditions to be met before the final payment can be released. This document is used in cases where there might be minor outstanding issues that need to be resolved, such as completing touch-up work or rectifying any deficiencies. The contractor must specify these conditions clearly in the affidavit, and once they are met, the lender can proceed with releasing the final payment. The Oklahoma Contractor's Affidavit to Induce Lender to Release Funds — Final Payment is a crucial tool in maintaining transparency and accountability within the construction industry. By presenting this document, contractors assure lenders that all financial matters related to the project have been resolved, leading to a smooth and satisfactory conclusion. It is important for contractors to understand the specific requirements and conditions applicable to their project to choose the appropriate affidavit type and complete it accurately. Keywords: Oklahoma Contractor's Affidavit, Lender, Release Funds, Final Payment, Construction Project, Legal Document, Obligations, Satisfactory Completion, Subcontractors, Suppliers, Outstanding Debts, Standard Affidavit, Conditional Affidavit, Minor Issues, Touch-Up Work, Deficiencies, Transparency, Accountability, Construction Industry.
