If you are a contractor working in the state of Georgia, you may have come across the term « final payment affidavit ». This is an important document that you must submit to the property owner or general contractor before receiving your final payment for a project.
What is a Contractor`s Final Payment Affidavit?
A Contractor`s Final Payment Affidavit is a legal document that certifies that all the work on a construction project has been completed and that all the subcontractors, suppliers, and laborers have been paid in full. This document is required by law in Georgia, and failure to provide it can result in legal action.
This Affidavit helps to protect the property owner or general contractor from potential liens or legal claims from subcontractors or suppliers who have not been paid. It also ensures that the contractor has fulfilled all the obligations outlined in the contract, including completing the project to the required standards.
Submitting a Contractor`s Final Payment Affidavit
In Georgia, a Contractor`s Final Payment Affidavit must be submitted within 60 days of the project`s completion. The document must be signed by the contractor and notarized. The property owner or general contractor must also sign the document to acknowledge receipt of payment and that all obligations have been fulfilled.
It is important to note that the affidavit should only be submitted once all payments have been made to subcontractors, suppliers, and laborers. If there are any outstanding payments, they must be resolved before submitting the affidavit.
Benefits of Submitting a Contractor`s Final Payment Affidavit
Submitting a Contractor`s Final Payment Affidavit can offer many benefits to both the contractor and the property owner or general contractor. For the contractor, it ensures that they receive their final payment for the project. For the property owner or general contractor, it protects them from potential legal claims from unpaid subcontractors or suppliers.
Overall, the Contractor`s Final Payment Affidavit is an essential document for contractors working in Georgia. It is important to ensure that all obligations are met before submitting the affidavit, as failure to do so can result in legal action. By submitting the affidavit, contractors can protect themselves and their clients while ensuring that all payments are made in full.
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