Completion and Acceptance Letter - Citizens

[Morgan Smith]

First time new construction project.

I received a document called "Completion and Acceptance Letter."

I have to sign it before the last draw is released. Should the project be 100% complete before I sign this as it appears I am waiving my rights to hold the contractor accountable after this letter is signed.

Do people hire a second contractor or an entity to assist as a neutral third party to determine things are complete?

I don't want to waive my right to use the final draw as leverage to ensure things are 100% complete.

What have others done to feel comfortable signing this document. I have a good relationship with the contractor and he's done good work to date. I am also a trust but verify person.

Document below for reference.

"This is to notify Citizens that the undersigned borrower(s) are accepting the construction at the above
captioned address as completed. The only exception(s) to this (if any) are the items reflected on the
accompanying Escrow Holdback Agreement, if applicable.
Citizens is authorized to disburse the final draw in the amount of $________________ in accordance
with the executed Disbursement Authorization on file.
It is understood that, in the event the Borrower(s) are dissatisfied in any way whatsoever with the
remaining construction after completion by the General Contractor, their sole recourse is against the
General Contractor.
Borrower(s) and General Contractor, jointly and severally, agree forever to fully protect, defend, and
save harmless Lender from and against any right, interest, claim, and each and every of them, of
Borrower(s) or General Contractor against the Lender, against all losses, costs, damages, and attorney
fees and expenses of every kind and nature which the Lender may suffer, expend, or incur under or by
reason or in consequence of holding the remaining proceeds as provided herein."