We set up a dedicated bank account for each one of our projects. This bank account starts at $0, and all funds from your project draws go into that account and are only spent on your project. This ensures that there is no commingling of funds across our company. Account draws are broken down into the same categories as the estimate to keep the accounting narrative consistent. We bill according to progress on site as well as for occasional material deposits that have longer lead times such as tile or millwork. Our goal is to send project draws every 3 to 4 weeks consistently during course of construction.
BILLING STRUCTURE
For typical commercial projects, we anticipate the first round of estimating to take approximately 4 weeks. At completion of the first round of estimating, we will schedule a meeting to review the estimate with the ownership group and design team. Inevitably, from this meeting there will be notes, clarification, or VE that will need to be addressed. This typically takes about 2 weeks. We bill $105 per hour for our estimating services. If our team is selected as the General Contractor for the project, then this amount will be credited towards the management fee on the first project draw. In parallel with estimating, we create a rough construction schedule that we share at the same time as the estimate.
