PAYMENT vERIFICATION
An effective payment verification process is vital to the success of a construction project. It establishes a seamless workflow while fostering positive relationships between all stakeholders. The implementation of best practices becomes instrumental in boosting project efficiency.
driving MOMENTUM
The Payment Verification Process is foundational in establishing a streamlined workflow
Our approach ensures that each payment application includes complete and accurate documentation of the work completed, labor, materials, and any additional costs. This thoroughness not only verifies the validity of each payment request but also expedites processing, minimizing delays and guaranteeing prompt payments.
Application Standards
We mandate that payment applications conform to industry standards and project-specific requirements, with all documentation being complete, well-organized, and compliant with relevant regulations. Providing detailed breakdowns of costs and progress reports enhances transparency and credibility, thereby facilitating quicker approval.
Lien Waiver Provision
Utilizing lien waivers effectively protects payment interests for both contractors and clients. For clients, acquiring lien waivers from contractors and subcontractors ensures payment transparency and reduces legal risks. Meanwhile, contractors mitigate potential payment complications by requiring lien waivers upon payment, safeguarding against false claims of non-payment.
Change Control
By implementing a systematic approach to managing change orders, Gotham Building helps prevent payment disputes and keeps projects on track. This proactive management supports sustained project momentum and positive stakeholder relationships.
Communication Plan
Maintaining open and clear communication channels among stakeholders is paramount. We foster a collaborative environment through regular project meetings and updates, which allows for the timely resolution of payment-related concerns and avoids potential disputes.
Gotham Building champions these best practices in payment applications to optimize process efficiency, prevent payment delays, and foster positive client and contractor relationships. Our commitment to these strategies not only enhances project efficiency but also secures ongoing success in the competitive construction industry.