Common Contracts

GENERAL CONTRACTOR JOINT CHECK AGREEMENT

Joint Check Agreement • February 5th, 2019 • Virginia

• Contract Type
  Joint Check Agreement
• Filed
  February 5th, 2019
• Jurisdiction
  Virginia

Now therefore, and for and in consideration of the mutual promises and benefits set forth herein, the parties hereby mutually agree that, in order to promote an uninterrupted flow of labor or materials to the Project, payment for all labor or materials delivered to the Subcontractor by the Supplier on this Project shall be made by General Contractor by check made jointly to Subcontractor and Supplier, not to exceed the amount of ($ ). Subcontractor shall endorse any check to Supplier and leave with General Contractor to disburse to Supplier. Subcontractor and Supplier both agree that all funds received by either of them pursuant to this agreement shall be held in trust for the benefit of Supplier and all creditors of Supplier that directly or indirectly supplied labor or materials for the Project (“Trust Funds”). Subcontractor and Supplier agree they have no interest in Trust Funds to the extent they are indebted to those creditors and agree to segregate and make no use of, except to p