Draw Request is provided to inform you about this document in question and assist you in its preparation. The Draw Request is the fundamental document used to pay contractors their progress payments on a construction project. The payment dates, based on percentage completion, should be worked out in advance and in the initial agreement. A constant friction point between contractor and owner relates to progress payments getting ahead or behind project completion. For the contractor, prompt payments permit these labor-intensive projects to proceed. For owners, they are fearful that once the big payments are given, the contractor will lose interest in completing the small details so desired by the owner. Both parties have justification for their concerns.Owners only real leverage point relates to hold backs until final sign off. Contractors’ real leverage is to get as much of the project paid up so they are not “behind” on the job financially and therefore can complete it and get out “whole.”
1. Make multiple copies. Give one to each party. Be sure to keep it with the project file.
Re: ________ Job
Draw request number: _____
Draw request from period ____________ to ________________.
Total amount of draw request: $____ (__________________ &___/100 dollars)
Pursuant to the contract of ____________, and any change orders thereto, _____________________________ requests a total draw in the amount indicated.
The present percentage completion of the project is ___ percent. The total draws requested and paid to date equal $ ____ (___________ &___/100 dollars) and $ ____ (________ &___/100 dollars) is the present retainage.
For _____________________________, CONTRACTOR
Top Legal Forms:
- draw request sample
- bbva release of lien
- Sample Draw Request Forms
- Free Construction Draw Request Template
- construction draw request template
- sample drawing request forms
- contracts with draw requests
- draw request sample letter
- Free Construction Draw Request Template for a bank
- percentage contractors draw request template