Joint
Check Agreements
This page contains
a brief article about joint check agreements and a link to purchase one if you'd like. Joint check agreements
can be very good for a subcontractor and supplier, and even for general contractors. I hope you enjoy it. As
always, if you have any questions please do not hesitate to
contact me! Bookmark our site to make your visits easier.
If your supplier uses joint check agreements then you are fortunate
indeed.
Joint check agreements are very helpful if you do not have
good credit and/or if you don't want to have to worry about paying
high material bills in advance of your general contractor, or customer if you're contracted directly with the property owner, paying you.
The way our supplier works it: We fill out the joint check agreement
and then fax and/or mail the form to our general contractor. He
signs his section and then returns it to us. We then forward the
joint check agreement to our supplier.
At this point we have an agreement with both our general contractor
and our supplier that each time the general contractor issues us
a payment on the job he will issue a check made out jointly to us
and our supplier. This check will be for either the whole amount
invoiced for or just for the material owing (with a 2nd check made
out to you and not joint to make up the balance of your invoice).
Many times the general contractor will issue two checks, one that
is joint to cover the material and one that is not joint which covers
the balance of the payment due to us. We record the joint check
into our accounts receivable, we endorse the back and then we mail
the check to our supplier to pay for our material expenses.
We record the second check through our receivables (which is written only to us, not joint)
and deposit it into our business account. Don't be afraid to ask
your supplier if he/she will consider a joint check program for
you.
The supplier is protected in that they can (and should) file a preliminary
notice on the project, thereby clearing the way to file a lien on
a project if the general contractor does not pay timely.
We have a joint check agreement available for purchase here.
Back to the top of this page: Joint Check Agreement Forms
Back to the home page: Download Construction Forms at TheContractorsGroup.com
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