What is a ‘draw’ in
construction?
Online dictionaries seem to be
far behind in including terminologies specific to the construction
industry. This post is being written to help
the person looking for the meaning of ‘Draw’ or ‘Draw Meeting’.
Draw
Refers to the amount a
contractor is asking for payment from the allocated budget of a construction
project—think of it as money being drawn out of a pool.
Draw can also be associated
with a cardinal number in a series of payments to the contractor e.g., ‘first
draw’, ‘second draw’.
Draw meeting
Refers to a meeting of the
contractor and other parties (mostly the architect and an owner’s
representative) to compare the ‘Draw amount’ or the ‘work completed’ amount
with the actual construction progress on site.
Documents
Draw documents include:
1.
Application and
Certificate for Payment. AIA G702, and
2.
Description of work
completed to date. AIA G703
