Disbursements for Construction Clause Samples
The "Disbursements for Construction" clause outlines the procedures and conditions under which funds are released to pay for construction-related expenses. Typically, this clause specifies the documentation required, such as invoices or progress reports, and may set out a schedule for payments tied to project milestones or completion of specific work stages. Its core function is to ensure that payments are made in a controlled and transparent manner, reducing the risk of disputes and ensuring that funds are used appropriately as the construction progresses.
Disbursements for Construction. Each Disbursement shall be made by the Trustee pursuant to Requests for Disbursements from time to time, from the principal office of the Trustee or from such other place as the Trustee may designate, and must be accompanied by a certificate of an Authorized Officer of the Bank authorizing and directing such Disbursement. Each Disbursement authorized by the Bank in accordance with the terms hereof shall be made in accordance with the terms hereof and shall be made to or deposited in the separate bank account of the Company at ScotiaBank de Puerto Rico (the CONSTRUCTION TRUST ACCOUNT) which shall not be drawn upon except to pay for Hard Costs and Soft Costs approved by the Bank, and shall be established so that the Bank and the Trustee receive or are entitled to receive, on request, from the depositary bank duplicate copies of regular monthly statements of all deposits and withdrawals (including checks). Each Request for Disbursement under the Loan shall be made in writing, shall be submitted to the Bank with a copy to the Bank's Consultant not less than 10 Business Days prior to the proposed date for such Disbursement and shall specify the Hard Costs and Soft Costs to be paid with the proceeds of the requested Disbursement, including, without limitation, the amount of any Retainage previously withheld and which has then become payable by the Company. Each Request for Disbursement which requests payment for Hard Costs (other than for payment of the Construction Manager's fixed monthly fee payable under the terms of the Construction Management Agreement) shall be accompanied by (i) the Trade Contractor's requisitions for payment, dated on or about the date of such Request for Disbursement, accompanied by true copies of unpaid invoices and receipted bills and noting that the only amounts due and owing (other than any retainage pursuant to the terms of the applicable Trade Contract or subcontract) are the amounts to be paid to trade contractors out of the Disbursement being requested or amounts due and payable but which are being disputed by the Company and which are not included in such Request for Disbursement, each of which shall be certified as true and complete by the Company, (ii) a list of all Trade Contracts executed since the date of the then last preceding Disbursement, together with a certification that copies of the same and all contracts with any contractor or subcontractor involved with the Construction of the Improvements executed by or on behal...
Disbursements for Construction. 52 (a) Disbursements for Construction....................................................... 52 (b) Retainages........................................................................... 53 (c) Bank's Consultant.................................................................... 54 (d) Disbursements for Operating Deficits................................................. 54 (e) Documentation to the Bank............................................................ 54 (f)
Disbursements for Construction. Funds shall be advanced to pay for sums due under the Construction Contract subject to the terms and conditions of the Construction Advance Rider. Requests for disbursements shall be made to the Voucher Control Company (as defined in the Construction Advance Rider), or as otherwise directed by ▇▇▇▇▇▇, not later than 4:00 p.m., pacific time, ten (10) Business Days prior to the date the requested disbursement is to be made. Such requests for disbursement shall be accompanied by all information required under Section 6 of the Construction Advance Rider, and also accompanied by approvals of the General Contractor (as defined in the Construction Advance Rider) and the Borrower prior to submittal for approval and funding. Borrower shall provide Lender with all payment requests submitted by the General Contractor upon approval of the same by Borrower, which payment requests may be submitted by pdf copies via email or other means acceptable to Lender in accordance with the form provided by General Contractor as an exhibit to the Construction Advance Rider.
Disbursements for Construction. 4 7.4.1 As part of the annual budget review process referred to in Section 6.1, PDC 5 shall propose a Capital Improvements budget which shall be subject to the City’s Approval.