Draw Schedule Template - Pace Project

The Draw Schedule Template - Pace Project is used for tracking and managing the disbursement of funds during the construction or renovation of a property.

FAQ

Q: What is a draw schedule?
A: A draw schedule is a plan that outlines when and how funds will be released during a construction project.

Q: What is the purpose of a draw schedule?
A: The purpose of a draw schedule is to ensure that funds are distributed to contractors and vendors at specific milestones throughout the construction process.

Q: What is a Pace Project?
A: A Pace Project refers to a project that is financed through the Property Assessed Clean Energy (PACE) program, which provides funding for energy-efficient upgrades to residential and commercial properties.

Q: Why is a draw schedule important for a Pace Project?
A: A draw schedule is important for a Pace Project to ensure that funds are released in a timely manner for the installation of energy-efficient upgrades.

Q: What should be included in a draw schedule template?
A: A draw schedule template should include the names of contractors and vendors, the amount of funds to be disbursed, and the milestones or completion stages at which the funds will be released.

Q: Who is responsible for creating a draw schedule?
A: The property owner or project manager is typically responsible for creating the draw schedule.

Q: Can a draw schedule be modified during a project?
A: Yes, a draw schedule can be modified during a project if there are changes or delays in the construction process that impact the timing of fund disbursements.

Q: Are there any legal requirements for draw schedules?
A: There may be legal requirements for draw schedules depending on the financing program or construction contract. It's important to consult with legal and financial professionals to ensure compliance.

Q: What happens if a contractor or vendor does not meet the required milestones?
A: If a contractor or vendor does not meet the required milestones, funds may be withheld until the work is completed satisfactorily.

Q: How can I track the progress of a draw schedule?
A: You can track the progress of a draw schedule by regularly monitoring the completion of milestones and ensuring that the necessary documentation and inspections are conducted before releasing funds.