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Application for Payment of Contract

What you need to know about
Application for Payment of Contract



Use an application for payment of contract when invoicing for final work completed under a contract agreement.

Uses

  • Requesting payment for work completed under a contractual agreement
  • Tracking the release of contractual rights and responsibilities with each payment made

Overview

Parties have a great deal of latitude in negotiating payment terms in a contract for the sale of goods or services. Payments can be made according to project benchmarks, delivery schedules, a fixed timeframe, or all at once at the beginning or end of a contract. Payments made under contractual agreements often include a release of certain rights and responsibilities. For example, if you are hired as a contractor to remodel someone’s kitchen and are paid for the work after it is completed, you probably expect to not have to do any more work under the contract. But what do you do if the client calls a few days later demanding more work on the remodel?. By using this application for payment of contract, parties to an agreement can add an additional layer of certainty that the final payment under the contract signifies the completion of the agreement. Unlike an invoice, this application for payment of contract can be used to track which contractual rights and responsibilities are terminated upon payment. This is helpful for both parties, as everyone is aware of the expected performance under an agreement at each payment.

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