Pre-Construction Meetings

This meeting reviews the administration process with the Contractor and Borrower for draw requests and clarifies the Lender’s requirements. An understanding of the administration process will ease the funding decision for the Lender and will facilitate a quick turnaround of the pay request for the contractor. Items reviewed in this meeting include the following:

• Establish key contacts and their roles

• Review draw procedures

• Review Application for Payment forms and supporting documentation

• Review invoice policies

• Determine preliminary lien notice recipients

• Review lien waiver policies

• Establish draw submission dates and frequency of draws

• Establish site review dates

• Establish funding dates

• Establish final budget

• Review change order policies

• Review stored/deposit material policies

• Review contingency policies

• Review budget adjustment policies

• Review over-run policies

• Review method of payment

• Review what must accompany each draw for it to be legitimate