Draw Request
Draw Request
Attention: __________________
_____________________________
_____________________________Dated: ____________________
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.
Dated: ______________________
_____________________________________________
For _____________________________, CONTRACTORDraw Request
Review ListThis review list 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.
Frequently Asked Questions
What is a draw request in construction?
A draw request is the fundamental document used to pay contractors their progress payments on a construction project. It requests a total draw amount based on the percentage completion of the project, pursuant to the contract and any change orders. The draw request includes details such as the period covered, total amount requested, and retainage.
What information is included in a draw request?
A draw request includes the job draw request number, the period from and to which it applies, the total amount requested, the percentage completion of the project, total draws requested and paid to date, and the present retainage. It also references the contract and any change orders, and is dated and signed by the contractor.
How is the amount of a draw request determined?
The amount of a draw request is based on the percentage completion of the project, as stated in the draw request. The payment dates and terms should be worked out in advance and in the initial agreement. The total draws requested and paid to date, along with retainage, are also considered.
What is retainage in a draw request?
Retainage is the amount withheld from progress payments until the project is completed. In a draw request, the present retainage is listed as a dollar amount. It is a common feature in construction contracts to ensure contractor performance.
Who prepares a draw request?
A draw request is typically prepared by the contractor, as indicated by the signature line for the contractor. It is then submitted to the owner or the party responsible for payment. The document may also require attention from specific individuals or departments.
Why is a draw request important?
A draw request is important because it is the fundamental document used to pay contractors their progress payments on a construction project. It helps ensure that payments are made based on the percentage completion and in accordance with the contract. Without it, contractors may not receive timely payment for work performed.
What is a draw request review list?
A draw request review list is provided to inform about the document and assist in its preparation. It highlights key aspects such as payment dates based on percentage completion and the need to work these out in advance. It also notes that a constant friction point can be avoided with proper planning.
How often are draw requests submitted?
Draw requests are typically submitted at regular intervals as specified in the contract, often monthly, based on the period covered. The draw request form includes fields for the period from and to, indicating the time frame for the work completed. The frequency should be agreed upon in advance.
What happens if a draw request is not paid?
The article does not specify the consequences of non-payment, but it implies that draw requests are essential for contractor payment. A constant friction point can arise if payment dates and terms are not worked out in advance. Contractors may face cash flow issues if payments are delayed.
What does 'percentage completion' mean in a draw request?
Percentage completion refers to the proportion of the project that has been completed at the time of the draw request. It is used to determine the amount of the draw, as the payment is based on this percentage. The draw request form includes a field to indicate the present percentage completion.
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