Whether a lending institution funds a construction project internally, or funding is by some other means, there is normally a specific time interval or milestone specified in the contract that will trigger a contractor’s application for payment. Construction Consulting of Maine works with both the owner and/or lender to verify that the amounts being invoiced reflect the value of the work that is completed.
This review process normally involves working with an AIA G-702 Contractor’s Application for Payment that includes a schedule of values. This schedule of values and appropriate back up information are used to verify that the percentage of work complete, stored materials, the balance to finish and retainage are consistent with the application for payment and the terms of the contract. Lien waivers and right of entry for off-site stored materials are also reviewed to protect the interest of the owner.
CC of Maine has the knowledge and flexibility to work with lending institutions’ individual requirements and protocols to ensure a smooth, timely and equitable release of funds.