SWORN CONSTRUCTION STATEMENT Clause Samples
A Sworn Construction Statement is a formal document provided by a contractor or subcontractor that itemizes all costs, suppliers, and subcontractors involved in a construction project. Typically, this statement is signed under oath and submitted to the property owner or lender, detailing the amounts due or paid to each party and confirming the accuracy of the information. Its core practical function is to ensure transparency and accountability in the disbursement of construction funds, helping to prevent disputes over payments and reduce the risk of mechanic’s liens being filed against the property.
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SWORN CONSTRUCTION STATEMENT. Prior to the initial disbursement hereunder, the Lessee shall have submitted to Lessor and Title a Construction Cost Statement or the Construction Contract (if such information is contained therein) sworn to by Lessee and Contractors reflecting all major Sub-Contractors or materialmen who shall then be engaged in furnishing labor, materials or supplies for the Improvements. The list should show the name of each and every Contractor, Sub-Contractor and materialman (or at least such entities or individuals whose contract is in excess of $5,000), its address and an estimate of the dollar value of the work, labor and materials to be done or supplied and a general statement of the nature of the work to be done or materials to be supplied by each Contractor. Thereafter, if such list should change or new subcontractors shall execute contracts not reflected on the above list, the Lessee shall furnish to the Lessor any amendments or additions to the original statement as so submitted.
SWORN CONSTRUCTION STATEMENT. The Borrower shall furnish to the Lender an updated Sworn Construction Statement setting forth the Contractor(s) providing services or materials with respect to specific portions of the construction of the Project and setting forth the amounts actually incurred and paid, or to be incurred, in completing construction of the Project. Such updated Sworn Construction Statement shall be sworn to by the Borrower and the General Contractor to be a true, complete and accurate account of all costs actually incurred and an accurate estimate of all costs to be incurred in the future;
SWORN CONSTRUCTION STATEMENT. Prior to the initial disbursement hereunder, the Borrower shall have submitted to Lender and Title a Construction Cost Statement sworn to by Borrower and Contractor(s) and all major Sub-Contractors or materialmen who shall then be engaged in furnishing labor, materials or supplies for the Improvements. The list should show the name of each and every Contractor, Sub-Contractor and materialman, his address and an estimate of the dollar value of the work, labor and materials to be done or supplied and a general statement of the nature of the work to be done or materials to be supplied by each. The Borrower shall furnish to the Lender any amendments or additions to the original statement as so submitted. The Borrower shall also submit a sworn statement of all Loan and carrying charges certified to Lender.
SWORN CONSTRUCTION STATEMENT is the sworn statement of Borrower, together with the certificate of Borrower reflecting Construction Costs, in a form approved by and otherwise acceptable to the Bank.
SWORN CONSTRUCTION STATEMENT. A sworn construction statement duly executed by the Borrower and the General Contractor showing all Contractors having contracts or subcontracts for specific portions of the work on the Improvements and the amounts due or to become due each such Contractor, and including all so-called "hard" costs of any kind incurred and to be incurred in constructing the Improvements and fulfilling the Table Of Contents obligations of the General Contractor under the terms of the General Contractor's Contract.
SWORN CONSTRUCTION STATEMENT. Prior to the initial disbursement hereunder, the Lessee shall have submitted to Lessor and Title a Construction Cost Statement or the Construction Contract (if such information is contained therein) sworn to by Lessee and Contractors reflecting all major Sub-Contractors or materialmen who shall then be engaged in furnishing labor, materials or supplies for the Improvements. The list should show the name of each and every Contractor, (and with respect to further disbursements, if Lessee be in default hereunder, upon written request by Lessor, Lessee shall provide a list of Sub- Contractors and materialman (or at least such entities or individuals whose contract is in excess of $5,000)), its address and an estimate of the dollar value of the work, labor and materials to be done or supplied and a general statement of the nature of the work to be done or materials to be supplied by each Contractor. Thereafter, if such list should change or new Contractors shall execute contracts not reflected on the above list, the Lessee shall furnish to the Lessor any amendments or additions to the original statement as so submitted.
SWORN CONSTRUCTION STATEMENT. The Sworn Construction Statement.
SWORN CONSTRUCTION STATEMENT. With the initial Construction Advance, and with each subsequent advance following any change that effecting the items on the Sworn Construction Statement, Borrower shall furnish to Lender an updated Sworn Construction Statement setting forth the Contractor(s) providing services or materials with respect to specific portions of the construction of the Project and setting forth the amounts actually incurred and paid, or to be incurred, in completing construction of the Project. Such updated Sworn Construction Statement shall be sworn to by Borrower and the General Contractor to be a true, complete and accurate account of all costs actually incurred and an accurate estimate of all costs to be incurred in the future;