Pencil Draw definition
Examples of Pencil Draw in a sentence
On or before the 25th day of the month immediately preceding a month in which the Construction Manager will submit an Application for Payment, the Owner, the Architect (if required by the Owner) and the Construction Manager shall meet to review a preliminary draft of such Application for Payment (hereinafter referred to as a "Pencil Draw") prepared by the Construction Manager.
The Construction Manager shall revise the Pencil Draw in accordance with any objection or recommendation of either the Owner or the Architect that is consistent with the requirements of the Contract Documents.
Such revised Pencil Draw shall be re-submitted by the Construction Manager to the Owner as the Application for Payment due on or before the 1st day of the month immediately following the month in which the Pencil Draw was first submitted.
The Payment Applicant shall prepare and prior to such meeting distribute a draft payment application that projects completion in accordance with the current planning documents through the end of the billing period ("Pencil Draw").
Such Pencil Draw and subsequent Application for Payment shall include a projection of the Cost of the Work through the then-current month.
The initial Core Group will promptly review the Payment Application to confirm compliance with the amounts approved in the Pencil Draw and the terms of the Contract Documents.
Based on this review, the Owner, Project Manager and/or Architect may require modifications to the Pencil Draw.
Within three (3) days after the meeting described in the previous sentence, the Construction Manager shall (a) revise the Pencil Draw in accordance with any objection or recommendations of either Owner, or Project Manager that is consistent with the requirements for the Contract Documents, and (b) re-submit the revised Pencil Draw to the Owner and the Project Manager as the final Application for Payment.
Contractor shall revise the Pencil Draw in accordance with any objections or recommendations of the Project Manager that are consistent with the requirements of the Contract Documents.
The Design-Builder shall also submit with each Application for Payment such supporting documentation as required in this Section A.1.5.1.3 along with a written narrative summarizing the Application for Payment as submitted and the original Pencil Draw.