Draw Amount Document For Free

Initial Draw Amount means the aggregate principal amount of all Loans advanced by the Banks on the Initial Draw Date.

A draw request is a formal request for funds. As each stage of a project is completed, money needs to be designated for those phases. The contractor submits the draw request to the project owner or lender. This document lays out the specific work that needs to be completed and what materials are needed for the project.

The installments are called draws, as the lender draws funds from the account. A draw request is necessary to ensure disbursement of the funds. A draw request is an aggregation of invoices, receipts, budgets, change orders and lien releases.

Construction loan draws, or simply loan draws, are the progress payments you'll receive throughout a construction project to reimburse you for materials delivered and hours worked, culminating in the final payment and return of retainage.

As the name describes, progress draw scheduling is a method of paying for complex services or projects (multiple steps involved) based on when milestones are achieved (i.e. house framing complete with passed inspection), or when materials need to be ordered (i.e. lumber package for framing a house).

The construction draw process is simply a method of paying the contractor in installments, or draws, from the construction project funds. Instead of being paid in one lump sum, these funds are paid out during the progression of the project to reimburse the contractor for labor and materials.

Contract drawing means a diagrammatic or pictorial description of the construction to be furnished, or copies thereof, which is included as a part of the Contract Documents as modified by Addenda and Change Orders to the Contract.

Reimbursement Draw means either the making of the Term Loans comprising the Initial Borrowing or the Term Loans comprising the Delayed Borrowing, in any case where the proceeds thereof shall be used only to reimburse the Borrower or any one or more of its Subsidiaries for all or a portion of the amount of the Term Loan ...