Assignment of the final installment payments

  • Erstellt am 2018-06-19 11:52:33

body123

2018-06-19 18:56:29
  • #1
It is important to me that I can withhold payments in case of construction defects. Since an assignment is mentioned here, I had concerns about whether I would really retain control legally in that case... PS. My financial advisor says that this is standard procedure. I wouldn’t pay but also couldn’t use the money elsewhere... like paying another company... that way the general contractor protects themselves. Regards
 

HilfeHilfe

2018-06-19 19:02:53
  • #2
Yes, that's what I say, and then? You pay commitment interest and interest on the drawn portion. However, the bank does not have to follow the assignment.
 

Rumpelkopf

2018-06-19 19:07:41
  • #3
.....and if payment is not made to the general contractor [GU] among other reasons due to construction defects, then no payment will be made at all!?!?
 

body123

2018-06-24 22:18:14
  • #4


What do you mean by that? The bank does not have to comply with the assignment?

Regards
 

HilfeHilfe

2018-06-24 22:36:12
  • #5

You need the bank's own forms
 

hampshire

2018-06-24 22:50:28
  • #6
The TE writes that he must authorize the payment. No authorization in case of defects. I do not recognize any loss of control.
 
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