As a contractor in Florida, it is critical to understand the importance of properly completing and submitting an affidavit of completion for a construction project. This affidavit serves as proof that the project has been completed according to the plans and specifications set forth in the contract. In turn, it allows the contractor to receive the final payment for the project.
Before diving into the details of the affidavit of completion, it is essential to understand the definition of completion. According to Florida law, a construction project is considered complete when it is substantially complete, meaning that the work is done in accordance with the contract documents, all necessary inspections have been completed, and any outstanding work has been addressed.
Now, let`s discuss the affidavit of completion. This document is a legal statement signed by the contractor and submitted to the property owner or lender. It states that the contractor has fulfilled all obligations set forth in the contract, and that the project is, indeed, substantially complete. It also includes a list of any remaining work that needs to be completed and the cost associated with it.
Submitting the affidavit of completion is a critical step in the payment process. Without a completed affidavit, the contractor may not receive the final payment for the project. Additionally, failure to submit the affidavit may delay the release of any remaining retainage held by the property owner or lender.
It is important to note that the affidavit of completion must be notarized and contain specific information, including the legal property description, the name and address of the property owner, and the name and license number of the contractor. It must also include the date of completion and the amount claimed to be due. Once submitted, the property owner or lender has 10 days to object to the affidavit. If no objection is made, the final payment can be made.
In conclusion, the affidavit of completion is a crucial document for contractors in Florida. By properly completing and submitting this document, contractors can ensure that they receive the final payment for a project and avoid any payment delays. It is important to adhere to all legal requirements and provide comprehensive information to make the process as seamless as possible.
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