The Construction Disbursement Agreement is a crucial document in Philippine construction financing that bridges the gap between project funding and construction execution. This agreement is typically used when a construction project requires structured financing with controlled fund releases based on verified construction progress. It serves as a risk management tool for lenders while ensuring contractors and developers have access to necessary funds at appropriate project stages. The agreement must comply with Philippine banking regulations, construction laws, and the Civil Code of the Philippines. The Construction Disbursement Agreement includes specific provisions for fund release mechanisms, construction milestone verification, documentation requirements, and project monitoring procedures. It is particularly important in large-scale construction projects where significant funding is involved and careful oversight of fund utilization is necessary.
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1. Parties: Identifies and defines all parties to the agreement including the lender, borrower, and any relevant third parties
2. Background: Sets out the context of the agreement, including details of the construction project and funding arrangement
3. Definitions and Interpretation: Defines key terms used throughout the agreement and establishes interpretation rules
4. Purpose and Scope: Outlines the purpose of the disbursement agreement and its relationship to the main construction contract
5. Disbursement Amount and Purpose: Specifies the total amount to be disbursed and its intended use
6. Conditions Precedent: Lists conditions that must be satisfied before any disbursement can be made
7. Disbursement Mechanics: Details the process and procedures for requesting and making disbursements
8. Construction Milestones and Payment Schedule: Links disbursements to specific construction milestones and timeline
9. Representations and Warranties: States the representations and warranties made by each party
10. Covenants: Sets out ongoing obligations of the parties during the term of the agreement
11. Monitoring and Inspection Rights: Establishes rights to monitor construction progress and verify proper use of funds
12. Events of Default: Defines circumstances constituting default and corresponding remedies
13. Termination: Specifies conditions and procedures for terminating the agreement
14. Governing Law and Jurisdiction: Establishes Philippine law as governing law and specifies jurisdiction for disputes
15. Notices: Specifies how formal notices should be given between parties
16. General Provisions: Contains standard boilerplate provisions including amendments, assignments, and severability
1. Security Arrangements: Required when specific collateral or security is provided for the disbursements
2. Insurance Requirements: Detailed section needed when specific insurance requirements exceed standard construction insurance
3. Independent Engineer: Include when an independent engineer is appointed to verify construction progress
4. Environmental Compliance: Required for projects with significant environmental impact or requirements
5. Force Majeure: Detailed section needed when specific force majeure provisions are required beyond standard provisions
6. Step-In Rights: Include when lender requires right to take over project in specific circumstances
7. Anti-Corruption Provisions: Expanded section required for projects involving public funds or international financing
8. Subordination Provisions: Include when there are multiple lenders or complex financing arrangements
1. Schedule 1 - Project Details: Detailed description of the construction project including plans and specifications
2. Schedule 2 - Disbursement Schedule: Detailed timeline and amounts for planned disbursements
3. Schedule 3 - Form of Disbursement Request: Standard form for requesting disbursements
4. Schedule 4 - Construction Milestones: Detailed description of construction milestones linked to disbursements
5. Schedule 5 - Required Documents: List of documents required for each disbursement request
6. Schedule 6 - Authorized Signatories: List of persons authorized to request and approve disbursements
7. Schedule 7 - Form of Progress Certificate: Standard form for certifying construction progress
8. Schedule 8 - Security Documents: Details of any security or collateral arrangements
9. Appendix A - Construction Budget: Detailed project budget and cost breakdown
10. Appendix B - Technical Specifications: Detailed technical requirements and specifications
Relevant legal definitions
Clauses
Relevant Industries
Construction
Real Estate Development
Infrastructure
Banking and Finance
Commercial Property
Industrial Development
Residential Development
Public Infrastructure
Healthcare Facilities
Educational Institutions
Hospitality
Retail Development
Relevant Teams
Legal
Finance
Construction Management
Project Management
Risk Management
Compliance
Credit Analysis
Technical Services
Operations
Contract Administration
Development
Treasury
Relevant Roles
Project Finance Manager
Construction Manager
Project Director
Chief Financial Officer
Banking Relationship Manager
Construction Loan Officer
Legal Counsel
Contract Administrator
Risk Manager
Project Controller
Development Director
Construction Finance Analyst
Compliance Officer
Technical Director
Senior Quantity Surveyor
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