If you are the lender on a construction project, or you have a lender that needs to be kept apprised of the progress of your construction, draw inspections can be a crucial way to ensure everything is documented, on target, and staying within the parameters and plans initially drawn out for this particular project.
To be more specific, draw inspections are periodical visits from a draw inspector who checks material requests against the actual presence of materials on the site. They also check the progress of the actual physical construction project against the projected timeline laid out in the plans at the beginning of the project. By keeping careful track of all of the physical resources, as well as the equally valuable resource of time, whoever is in charge of the financial element of the construction project — whether that is you, or a lender — can react accordingly and make plans based off of how efficiently or inefficiently a construction project is going.
Draw inspections are important and useful for every party involved in a given construction project. By tracking resources and costs, it of course ensures there is no wasted money on the part of whatever investors may be involved. However, it also makes sure the construction workers themselves are compensated properly for the jobs they have done and that they always have enough money available to continue purchasing construction materials as the project progresses.
With the help of draw inspections, you can keep your project safely on track while making sure everyone’s time, money, and labor are all respected.