Draw Process Sample Clauses
The Draw Process clause defines the procedures and requirements for requesting and receiving disbursements under a contract, typically in the context of construction or loan agreements. It outlines the steps a party must follow to submit a draw request, such as providing supporting documentation, meeting certain milestones, or obtaining approvals. This clause ensures that funds are released in a controlled and transparent manner, helping to manage cash flow and reduce the risk of improper or premature payments.
Draw Process. Development Manager shall be responsible for coordinating all construction draws, and until the opening of the applicable Construction Loan (if any), the draw process shall be controlled by the provisions of this Section 2.3. Thereafter, this Section shall be deemed modified to the extent required by the Construction Lender. Draws to finance the construction on the Improvements shall be made no more often than monthly, commencing approximately one (1) month after the commencement of construction of such Improvements and terminating upon completion of the Work and issuance of the last certificate of occupancy required by Law for full occupancy of the Improvements. Funds requested under each draw shall be used solely to pay for construction, fixturing and soft costs related to the Improvements that are consistent with the terms of this Agreement. Draw requests for the Project shall be made as follows:
2.3.1 So long as General Partner is the general partner of Owner, the following procedure shall apply:
(a) The General Contractor’s application for payment and other invoices shall be submitted to Development Manager (and to the Architect with respect to the General Contractor’s application for payment) no later than the tenth (10th) day of the month following the month in which the work which is the subject of such application for payment or invoices was completed;
(b) Development Manager shall review the General Contractor’s application for payment and all other invoices, and the Architect shall review the General Contractor’s application for payment, and to the extent such are approved by Development Manager and the Architect, Development Manager shall submit a draw request in Development Manager’s customary internal form (an “Internal Draw Request”) to Owner no later than the twenty-first (21st) day of the month following the month in which the work which is the subject of such Internal Draw Request was completed;
(c) Owner shall pay the entire amount of the Internal Draw Request for distribution no later than ten (10) business days after the Internal Draw Request is submitted to Owner.
2.3.2 Notwithstanding the foregoing provisions of Section 2.3.1, if General Partner is no longer the general partner of the Owner, then the following procedure shall apply:
(a) within ten (10) days after a draw is requested, Development Manager will submit a draw request to the Owner in such detail as Owner may reasonably require designated to the attention of ▇▇▇▇▇▇▇ ▇▇▇▇▇▇...
Draw Process. The UFSWQD shall notify the City at least fifteen (15) business days prior to a requested draw date. Draw requests shall be addressed to the City Treasurer and Debt Manager. Prior to a funds transfer, the Chief Financial Officer of the City and the Director of the City’s Bureau of Environmental Services must approve any draw request, which will not be unreasonably denied.
Draw Process. As a condition to and in conjunction with the performance of the Development Services, Owner shall make sufficient funds available to pay its obligations under this Agreement pursuant to the draw process outlined in this Section below for the completion of the Commerce Project and the payment of the Development Fee and Owner shall fund such amounts, without offset, in accordance with such draw process following receipt of the documents required below. Developer may not submit more than one (1) draw request per month. As a condition precedent to each disbursement of funds by Owner hereunder (a “Funding”), Developer shall furnish or cause to be furnished to Owner, each of the following documents in form and substance reasonably satisfactory to Owner at least ten (10) days prior to Developer's desired Funding date:
3.6.1 a Draw Request Summary Form in a form reasonably acceptable to Owner, certified to be true and correct by Developer, together with a completed standard AIA Form G702 and Form G703 signed by the General Contractor for such phase of construction, together with sworn statements and conditional waivers of liens signed by all landscape architects, engineers, planners, designers, subcontractors, technology suppliers and consultants, and other suppliers and vendors (together with the Architect and the General Contractor, collectively, the "Third Parties") covering all work, together with such invoices, contracts or other supporting data as Owner or the title company may reasonably require to evidence that all costs for which Funding is sought have been incurred;
3.6.2 unconditional waivers of claims and liens of all Third Parties with respect to all prior Fundings, to the extent not previously delivered to Owner;
3.6.3 copies of any final and executed Change Orders not previously furnished to Owner;
3.6.4 copies of all Contract Documents executed since the last Funding and any amendments or modifications to any Contract Documents;
3.6.5 satisfactory evidence that all governmentally-required permits and zoning approvals with respect to the applicable stage of construction of the Commerce Project, if not previously delivered to Owner, have been obtained (e.g. building permit, grading permit); and
3.6.6 such other instruments, documents and information as Owner or the title company may reasonably request.
Draw Process a) The winner will be drawn by a random number generator at approx. 5pm every Thursday at the Glenelg Football Club, Brighton Rd, Glenelg SA 5045 and posted on the Glenelg Football Club Facebook page.
b) GFC will conduct the draws at its sole discretion.
c) The winner of each weekly draw will be publicly announced on the GFC social media platforms.
d) The winner of each weekly draw will be personally notified by GFC.
e) Prize money will be disbursed by COB each Monday following the draw, either through direct deposit or an alternate agreed arrangement.