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MD Henley Construction Company Joint Check Agreement 2015
Get MD Henley Construction Company Joint Check Agreement 2015-2024
HENLEY CONSTRUCTION CO., INC. 7940 Queen air Drive Gaithersburg, MD 20879 (301) 4171006 JOINT CHECK AGREEMENT This Agreement is entered into by and between: HENLEY CONSTRUCTION CO., INC. as the prime.
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Contractual FAQ
An example of a joint check agreement from the construction industry would be where the prime or general contractor agrees to issue a check jointly to the first-tier subcontractor and that sub's material supplier. Joint checks agreements can be used in any industry.
Simply put, a joint check is a check made payable to two or more parties, such that both parties must endorse the check prior to deposit.
June 15, 2022. A joint check, also sometimes called a “two party” check, is payable to two parties. To cash the check, both parties must endorse the check. Joint checks are used by owners to ensure general contractors will pay their subcontractors and material suppliers.
Reading time: 8 minutes. Joint Checks. To put it simply, a joint check is a check made payable to two or more parties. A joint check agreement is a contractual agreement whereby one party agrees to (or gives permission to) make payment in the form of joint checks.
Simply put, a joint check is a check made payable to two or more parties, such that both parties must endorse the check prior to deposit.
As to the joint check payee issue, UCC § 3110 (d), provides that an instrument made payable to two or more persons, not alternatively, is payable to all of them and may be negotiated only by all of them. Therefore, joint payees are treated as one, and delivery to one joint payee is delivery to all of them.
For example, assume a supplier requires a subcontractor to get the general contractor to agree to issue joint checks and the subcontractor proposes the following modification to the subcontract: "Contractor shall issue joint checks to Subcontractor and its material supplier." If the general contractor accepts the ...
Writing a Joint Check If it needs to be written to two or more companies, be sure to write out the word “and.” You may also want to write the words “jointly” or “as joint payees” to ensure that bankers notice that the check goes to two parties instead of just one.
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THIS AGREEMENT AND PLAN OF MERGER (this “Agreement”) is entered into as of this 18th...
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