Draw request
A formal request for payment submitted by a contractor at specific intervals during a project.
Draw requests are formal requests for payment based on completed work or delivered materials, supporting cash flow management and financial tracking. They are critical for maintaining liquidity, ensuring contractors are paid timely, and facilitating project progress. Properly documenting and reviewing draw requests helps prevent disputes, ensures compliance with contract terms, and supports accurate financial reporting and forecasting throughout the project lifecycle.
Used in a sentence
The contractor submitted a draw request for completed work.
Synonyms/variation
Payment Application
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