Who handles disbursements of funds?
The developer and the banker handle the disbursement of funds to finance a development project. All banks have a building inspector on staff that inspects every phase of the building. All Inspection Certificates must be signed off by the City’s Inspectors before draw checks from the bank are made payable to the developer and the GC. In most cases three signatures are required on the draw checks: one from the bank representative, one from the developer and one from the GC. It is the developer’s responsibility to ensure all the subcontractors working under the directions of the GC are paid.
