A construction draw request that comes back rejected costs 2 to 4 weeks of funding delay on a project that is already burning interest carry every day. The fix is almost always the same: run a complete checklist before you submit rather than after. This checklist covers every document a construction lender typically requires, organized in submission order.
How to Use This Checklist#
Work through the checklist 5 to 7 business days before your target submission date. That gives you time to chase missing waivers, request updated COIs, and reconcile any SOV discrepancies without a panic scramble. Items marked as blocking will cause an outright rejection if missing. Items marked as cleanup create delays and follow-up requests but may not stop the draw outright.
Section 1 — Draw Request Form and Pay Application#
- Draw request form completed and signed by the borrower or authorized signatory
- Requested draw amount matches the G702 net amount due
- Draw period dates correct and consistent with the prior draw
- AIA G702 Application for Payment completed and certified by the architect (if required by lender)
- AIA G703 Schedule of Values continuation sheet completed for all line items
- Percentage complete on each SOV line is consistent with on-site progress
- Total scheduled value matches original contract plus all approved change orders
- Retainage calculation correct per the contract retainage rate
Section 2 — Schedule of Values and Change Orders#
- All approved change orders are posted to the SOV before submission
- Change order log attached with all approvals signed
- No unapproved change orders included in the current draw amount
- Stored materials posted as a separate line from work in place
- Contingency line usage disclosed if any portion of contingency is drawn
See the SOV reconciliation guide for the column-by-column checks that catch most rejections before they happen.
Section 3 — Invoice Backup#
- Invoices collected from every subcontractor and supplier in this draw period
- Each invoice maps to a specific SOV line item or cost code
- Invoice amounts do not exceed the remaining contract balance for each vendor
- No duplicate invoices from prior draw periods included
- Invoices for stored materials are accompanied by delivery receipts
- Owner-furnished materials separated from subcontractor invoices
Section 4 — Lien Waivers#
- Conditional lien waiver collected from every vendor invoiced in the current period
- Conditional waivers dated to cover the current draw period
- Unconditional lien waivers collected from every vendor paid in the prior period
- Prior-period unconditional waivers signed and dated after the prior draw disbursement
- No vendor with an outstanding unconditional waiver from a prior period
- State-specific statutory waiver forms used where required (California, Texas, and others)
- Partial and final waivers distinguished correctly for vendors with partial payments
The lien waiver tracker template gives you a structured table to manage this across 15 to 30 subcontractors per draw cycle.
Section 5 — Certificates of Insurance#
- Valid COI on file for every active subcontractor in the current draw
- Policy expiration date extends beyond the current draw period
- Owner listed as additional insured on all required policies
- Coverage limits meet the contract requirements for each trade
- Workers compensation coverage confirmed for all subs with on-site labor
- No expired COIs from prior periods still in the binder
See the COI tracker template for the expiration monitoring process.
Section 6 — Stored Materials#
- Stored materials listed separately on the G703 with location and description
- Invoice or purchase order attached for each stored item
- Delivery receipt or bill of lading attached confirming delivery to site or approved off-site storage
- Insurance certificate for off-site stored materials attached if required by lender
- Off-site storage facility address provided if materials not on-site
Section 7 — Sworn Statement and Affidavit#
- Owner's sworn statement or subcontractor payment affidavit completed if required by lender or state law
- All subcontractors and suppliers listed in the sworn statement
- Original contract amounts, change order amounts, and amounts paid to date correct for each party
- Notarization obtained if required by the lender
Section 8 — Site Photos and Inspection#
- Site photos taken within the current draw period attached or labeled
- Photos show all major work-in-place categories corresponding to SOV lines being drawn
- Third-party inspector report attached if lender requires inspection before disbursement
- Inspector's percentage-complete determination consistent with the G702/G703
Section 9 — Cover Letter and Exhibit List#
- Cover letter states the draw amount, the period, and the project percentage complete
- Cover letter discloses any open items or deviations proactively
- Exhibit list includes every document attached and matches the binder contents
- All amounts in the cover letter consistent with the G702
Pre-Submission Final Check#
Before you click send or drop the binder in the mail, do one final cross-check. Confirm that the draw amount on the cover letter, the G702, and the draw request form are all identical. Confirm that every subcontractor who has an invoice in the package also has a conditional lien waiver and a valid COI. Confirm that the SOV total matches the contract sum plus all approved change orders.
Teams that run this final check before submission submit complete packages. Teams that skip it find out what they missed when the lender calls.
To automate the gap audit across all these sections, see the River construction draw package workflow, which ingests your project folder and produces a blocking/cleanup issue list before you submit.