What term describes a document given to the owner that indicates all financial matters regarding a project have been settled?

The term describing a document given to the owner that indicates all financial matters regarding a project have been settled is the Affidavit of Payment. This document typically serves as a formal declaration affirming that all contractors, subcontractors, and suppliers associated with the project have been paid for their work.

The Affidavit of Payment is important because it provides assurance to the owner that there are no outstanding debts related to labor or materials, which could potentially lead to liens against the property. This practice helps to ensure that the project is fully completed in a legally safe manner, thus protecting the owner from future claims related to unpaid work.

While other terms might be used in financial documentation regarding a project, the Affidavit of Payment specifically emphasizes the resolution of financial obligations and contributes to the overall transparency of the project's completion. Other options, such as Proof of Payment or Final Invoice, may pertain to the transactions but do not encapsulate the comprehensive assurance regarding the settlement of all financial matters as effectively as the Affidavit of Payment. A Completion Statement typically signifies the overall completion status of the project rather than the financial settlement aspect specifically.