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4800 Falls of Reuse Road, Suite 400 Raleigh, NC 27609 Sales & Service: 8008480143 Email: sales softprocorp.com Web: www.softprocorp.comConstruction Draw NOTE: Profile settings must be in place prior

How to fill out construction draw

How to fill out construction draw

1. To fill out a construction draw, follow these steps:
2. Start by entering the basic information, such as the project title, address, and the name of the owner or client.
3. Specify the date when the draw is being prepared.
4. Break down the draw into different categories, such as labor costs, material costs, and subcontractor expenses.
5. For each category, provide a detailed description and the corresponding amount or percentage of the total draw.
6. Make sure to include any additional costs, such as permits or design fees, in the appropriate category.
7. Calculate the total amount for each category and the overall total draw.
8. Double-check all calculations and ensure that all necessary information is included.
9. Sign and date the construction draw, indicating who prepared it.
10. Submit the completed draw to the appropriate party for review and approval.
11. Keep a copy of the draw for your records.

Who needs construction draw?

1. Construction draws are typically needed by various parties involved in a construction project, including:
2. - Contractors: Construction draws help contractors track and request payment for completed work and expenses.
3. - Lenders: Lenders require construction draws to ensure that funds are being used appropriately and that the project is progressing as planned.
4. - Owners: Owners use construction draws to monitor the financial aspect of the project and assess its overall progress.
5. - Architects and Engineers: These professionals may require construction draws to review the work completed and ensure compliance with the design plans.
6. - Government Authorities: Construction draws may be required by government authorities for permitting and audit purposes.
7. - Project Managers: Project managers use construction draws to track project costs and manage budget allocations.

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What is construction draw?

Construction draw is the process of requesting funds from a construction loan to pay for work that has been completed on a project.

Who is required to file construction draw?

Contractors, subcontractors, or project managers involved in a construction project are typically required to file construction draw requests.

How to fill out construction draw?

To fill out a construction draw, you will need to provide detailed information about the work completed, cost of materials and labor, and any additional expenses incurred during the construction process.

What is the purpose of construction draw?

The purpose of construction draw is to ensure that funds from a construction loan are being used appropriately and that the project is progressing as planned.

What information must be reported on construction draw?

Information such as the amount of work completed, costs incurred, invoices from subcontractors, and any change orders must be reported on a construction draw.