Joint Check Agreements

There is no such thing as a "standard" joint check agreement. These documents vary widely in their wording and the protection they offer a material supplier on a construction project. A credit manager must be able to evaluate the security offered and suggest changes that will better protect company assets. The most common joint check agreements state only that a general contractor will write any check jointly. This only helps if a check is ever written and offers no protection if the customer defaults on the project. Some agreements provide no recourse against a general contractor and even contain a waiver of your lien and bond rights. What if the customer disappears, goes out of business or refuses to endorse a check? What if there is a disagreement about the amount owed the material supplier? Learn how to add solutions to these problems and provide actual security in a joint check agreement.

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