Questions About Processing Your Draw Request? Watch This Video
Making sure your Draw Requests go smoothly.
There are several mistakes that can happen while processing draw requests. It’s crucial to be aware of them since they can significantly delay the disbursements on your project. Here are some of the most common draw request pitfalls and how you can avoid them:
1. Missing signatures. Make sure all your draw requests have the appropriate signatures and are filled out accurately.
2. Inaccurate cost codes. Sometimes money is requested from line items that don’t have enough available funds. Your budgets and the dollar figures you’re requesting from each line item should be accurate. Make sure you have enough money in that budget line item before you request it.
3. The amount requested in each line item doesn’t add up to the total. Your math must check out if you want to proceed. Take time and add up the amounts you are requesting.
4. Missing back up documentation. All Draw requests must include an invoice and lien waiver for each payee listed on the draw requested. Additionally we must have a W9 on file for each payee.
5. Owners requesting for reimbursement. In such cases, you must supply a paid invoice along with proof of payment that proves the owner has previously paid for that item for which they are requesting reimbursement. The more documentation the better.
If you have more questions about how to process your draw requests, please contact me. Give me a call or send an email. I’d love to connect with you!
