Check Agreement

Writing a guide on the application of a pooled check agreement is a difficult topic, as these agreements are a contractual creation and vary greatly from agreement to agreement. As a result, what may be appropriate for one agreement cannot suit another. It is therefore advisable that you consult here, as a first step, a lawyer in construction. Joint audit agreements can be implemented in any sector. However, these tools are used much more in the construction sector than elsewhere. A pooled check agreement should reduce the risk, but shouldn`t be your only source of guarantee of payments. There is no national or federal law governing pooled cheque agreements. The parties may establish such agreements according to the specific needs of their business relationship. The falsification of signatures for joint cheque agreements is less common than this more worrying fraudulent act during the joint examination: the falsification of a cheque confirmation.

The «joint control rule» means that when an owner or general contractor writes a joint cheque to a subcontractor and the subcontractor`s equipment supplier, the equipment supplier who approves and deposits the pooled cheque certifies that all amounts due up to the date of the joint review have been paid. The first thing you want to do is check the terms of your pooled check agreement. Make sure that an infringement has actually occurred (duh!), but also check the conditions to see if there are any defined procedures to enforce your agreements. . . .

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