Payment application
A request submitted by contractors for payment for work completed, typically on a monthly basis.
Payment applications are formal requests for payment based on completed work or delivered materials, supporting cash flow and financial tracking. They are crucial for ensuring contractors receive timely payments, maintaining liquidity, and facilitating project progress. Accurate documentation and timely submission of payment applications help prevent disputes, ensure compliance with contract terms, and support transparency and accountability in financial management throughout the project.
Used in a sentence
The contractor's payment application was approved after verification of completed tasks.
Synonyms/variation
Draw Request
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