CONCLUSION

The central principle when evaluating construction documents is this: ALL documents must pass muster, individually and collectively, not just the “important” documents. As a result, project developers should be prepared to present a consistent and cogent set of construction documents to lenders and/or investors. Additionally, project devel­opers should be prepared for the possibility that lenders and/or investors will require the developer to make substantial changes in the construction documents in order to provide reasonable assurances of the revenue flow. Ultimately, financiers want to ensure predictability and uninterruptability of the cash flows.