Pencil Draw Procedure Sample Clauses

Pencil Draw Procedure. Prior to submission of the formal Payment Application, the Payment Applicant shall schedule a meeting with the Core Group. The Payment Applicant shall prepare and prior to such meeting distribute a draft payment application that projects completion in accordance with the current planning documents through the end of the billing period ("Pencil Draw"). The initial Core Group shall review the drafts in an effort to avoid and attempt to resolve any disagreements concerning the formal Payment Applications and the percentages of completion the Payment Applicant intends to pursue for the month. Notwithstanding any position taken at that meeting, the Payment Applicant reserves all rights afforded by this Agreement in subsequently reviewing and processing the formal Payment Application.