A format of Free Printable Draw Schedule Form
If you are in the construction business, you would probably know what a ‘draw schedule’ means. It is basically the plan which a construction company makes for the purpose of construction loans from Banks. Draw schedule leads to a fair payment plan in which as per the construction schedule, banks disburse funds.
As this is an indispensable document, it is important that the correct format is used. The Internet provides a good choice of Free Printable Draw Schedule Form.
Purpose behind Draw Schedule
The goal of this plan is to make payments as and when materials and services are done. Because the loan amount is hefty, it is unadvisable to pay for product and services which are not acquired or rendered. The contractor marks certain completion points in the schedule to draw funds.
Draw Schedule Format
A common method applied is to divide the total cost by % as and when required. For the construction of a house, there could be around 6 draws needed. Here is an idea
- First Draw could be for slab or foundation at 15%
- The second draw would be for carpentry and rough framing at around 10%
- At the third draw, you would need materials for roofing and mechanicals. It would be a good idea to keep this at 20%
- Exterior and Interior finishes will again require materials and labor which could be around 20%
- The fifth draw is a trim out. Keep a little extra for incidentals. 20% should do the job
- The final draw is for closing the project with 15% kept for landscaping, cleaning,
It would seem much easier after going through Free Printable Draw Schedule Form available online.