AGÕæÈËÓÎÏ·

A Joint Check Agreement is a contractual agreement in the construction industry used to ensure all parties involved in a project get paid. This agreement involves primarily three parties - the property owner, general contractor, and subcontractor or material supplier. The property owner or general contractor issues a check payable to both the subcontractor and materials supplier, providing a layer of protection against mechanic's lien. This means both parties must endorse the check for it to be cashed, ensuring the funds are distributed appropriately. This way, it mitigates the risk of non-payment for subcontractors and suppliers. Additionally, it helps the owner or general contractor to ensure project progression without disputes or delays related to payment issues. However, details of the agreement, like the proportion of payment to each party, need to be clearly outlined to avoid potential conflicts.

A Schedule of Values (SOV) is an essential financial tool used in the construction industry. It's essentially a detailed plan that lists out the entire scope of construction work and assign costs to each element. The SOV is organized into a series of line items categorized by phase, task, or materials required for the job. This document is a critical component of successful project management as it breaks down the work into measurable parts to calculate and track costs throughout the project. This ensures that the project stays on budget and timeline. The SOV can be updated as the project progresses to reflect any changes. It provides a useful framework for monitoring progress, managing payments, and resolving disputes, making it integral to the financial health of a construction project.

In the construction industry, a release is a legal instrument that acts to terminate any legal liability between the releasor and the releasee, signed by the releasor. It is often used to settle disputes or claims, with one party agreeing to release the other from any existing obligations, responsibility or further legal action in return for a negotiated compensation. It may also refer to a point in a construction project where work is considered complete to a given level, allowing for payment or the transfer of responsibility to the next party involved in the process.