Owner authorizes and directs the insurance carrier and any mortgage company to include Contractor as a payee and issue payment directly to Contractor for all amounts attributable to Contractor's authorized scope of work.
- Owner shall notify Contractor within three (3) business days of receipt of proceeds
- Owner shall endorse and remit payment to Contractor within five (5) business days
- Owner shall fully cooperate with any mortgage company endorsement process
- Owner shall not use funds assigned to Contractor for any other purpose
Failure to remit proceeds constitutes a material breach and may result in suspension of work and pursuit of all available remedies.