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Click ‘Get Form’ to open the joint check agreement template in the editor.
Begin by filling in the Contractor's name, which is pre-filled as Henley Construction Co., Inc. Ensure that the Subcontractor and Supplier fields are completed with their respective names.
In the Project field, specify the name of the project related to this agreement. This is crucial for clarity on which project the agreement pertains to.
Review Section 1 carefully. It outlines that all checks will be made jointly payable to both Subcontractor and Supplier. Ensure you understand this process before proceeding.
In Section 2, acknowledge that any funds received by the Subcontractor from these checks will be held in trust for the Supplier. Confirm your understanding of this obligation.
Complete the signature sections at the end of the document for all parties involved, including names, titles, and dates.
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If a check is made out to multiple people (i.e. multiple payees), look for and or or in the pay-to line. If the check is made out to John and Jane Smith, then John and Jane must both endorse the check.
How does a joint check agreement work?
Joint checks in general When joint checks are involved, two payees must endorse the check in order for that check to be deposited. For example: a contractor may issue a joint check that their subcontractor and their subcontractors supplier must both endorse before payment can be released.
How do you write a check for a couple?
Write the names of both payees on the Payable To line. If so, you wont need to repeat the last name on the Payable To line. For example, if paying a married couple, address the couple as Mr. and Mrs.
What is an example of a joint check?
Heres an example scenario. Lets say youre owed $80,000 for materials that you furnished to a subcontractor three months ago. You have yet to receive payment and may need to move forward with filing a mechanics lien. To avoid this and offer some payment, the general contractor writes up a joint check for $65,000.
How to handle a joint check?
A joint check is a payment made to both the contractor and a subcontractor, with both parties required to sign the check in order to cash it. This practice can help resolve payment disputes and protect against potential legal claims like mechanics liens or lawsuits.
One method owners may use to guarantee subcontractor payment is issuing a joint check. A joint check is a payment made to both the contractor and a subcontractor, with both parties required to sign the check in order to cash it.
How do you write a joint check?
Writing a Joint Check If it needs to be written to two or more companies, be sure to write out the word and. You may also want to write the words jointly or as joint payees to ensure that bankers notice that the check goes to two parties instead of just one.
What is the joint check rule in California?
1 Under the California Rule, the contractors issuance of a joint check discharges both the contractor and its surety from liability to lower tier contractors/ suppliers.
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