We received a payment from a General Contractor today (1/5), however the amount that we received is $40k less than what was approved in the draw that we submit via Textura. I had already signed an unconditional through Textura before receiving the payment since Textura allows subcontractors to sign it early with the intention of releasing it to the GC days after payment is disbursed. Should I submit a revised unconditional for this draw? If so, is there a time frame I should follow?
Yes, you should submit an amended/revised Unconditional for the amount that was paid. Somewhere on the form, type in “This Unconditional Waiver supersedes the Unconditional Waiver dated xx/xx/xx because full payment was not received.”
You can submit a new Conditional for the $40,000 still owed. If you don’t do a new Unconditional, you’re going to have problems down the road.
Submit the new Unconditional as soon as possible.
In the future, just wait until you have the funds to release the Unconditional.
Good luck!