The draw schedule with the bank is very important because you need to find a way to make sure the bank pays you quickly once you provide them your draw request. If you’re not paid on time workers can walk off the project, suppliers can start a lien on the property and really create a lot of chaos and unnecessary expenses. So you need to put, or eliminate, obstacles from the point that you submit your draw request to the time that you get paid.
You want to make that process as quick as possible. So, give the bank a certain number of days from the time they receive the draw request to make the payment. Whoever the inspection company is, make sure that you know they are a reputable inspection company so once the draw request is made they go and immediately inspect the project and report back to the bank but basically you have to eliminate any obstacles between the time that you serve the bank with the draw request and the bank has to pay you.
Law Office of Ray Garcia, P.A.
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Law Office of Ray Garcia, P.A.
Latest posts by Law Office of Ray Garcia, P.A. (see all)
- Are You Doing Enough to Protect Your Intellectual Property Online? - September 16, 2024
