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Construction glossary
Construction Glossary •
Draw Request
What is a Draw Request?
A Draw Request, in the realm of construction, is a formal process involving a requisition for payment for work performed on a specific job or within a specified period on a project. This request is typically submitted by contractors or subcontractors to the project owner or financier to cover labor expenses, material costs, and other related construction expenditures. A Draw request initiates a draw inspection where a third-party inspector confirms the validity of the claim. These requests aid in maintaining project transparency and ensure that funds are allocated appropriately in line with the progress of the project. This process is pivotal in effective construction project financial management.
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Other construction terms
Owner
What is an Owner?
An owner, in the context of the construction industry, refers to the individual or entity who has legal rights and control over a property or project. This can include land, buildings, or a constructi...
Generally Accepted Accounting Principles (GAAP)
What are Generally Accepted Accounting Principles (GAAP)?
Generally Accepted Accounting Principles (GAAP) are a set of standardized rules and procedures in accounting to provide consistency in financial reporting across different entities. In the constructio...
Breaking Ground
What is Breaking Ground?
Breaking Ground, in the context of the construction industry, refers to the initial stage of a new construction project. This process often commences with a ceremonial event, typically involving the i...
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