Bank draw inspections are a way for the banks to verify completion percentages on construction projects. When a project is started the bank needs someone to verify completion of the different “phases” or percentages of the project. So they can release the money or funds appropriate to the contractor(s). Bankers cannot personally travel to every construction site and take pictures to verify that the completion claimed is correct. The banks will contract with a company to administer the draw process.
Bank draw inspections are used on major commercial and small residential projects.