What is an application and certificate for payment?
AIA Forms: G702 Application and Certificate for Payment: Serves as the request for payment by the contractor and includes a certification by the architect to determine whether payment is approved.
What is application of payment?
Application of Payment is a process used to apply payments to charges based on system and user-defined priorities in which: Payments are applied to charges. Balances of payment transactions are reduced. Balances of charge transactions paid are reduced.
Is an application for payment the same as an invoice?
Payment application is when a received payment is applied to an account balance. An invoice is a presentation to a customer of the amount owed for product or services for a period, usually 30 days.
How do I write an application for payment?
Tips for writing a letter for requesting payment
- Express gratitude for doing business with you.
- Use courteous and sincere language.
- Mention the urgency of the dues to be paid on time for account purposes.
- Highlight details about the goods or services supplied.
- Give details like reference numbers of the delivery.
What is payment in construction?
In general terms, ‘payment’ is the transfer between parties of some form of value (such as funds, services, assets) in an agreed exchange. This can be for goods, services or to fulfil a legal obligation such as a debt.
What is a g703 form?
AIA Document G703–1992 breaks the contract sum into portions of the work in accordance with a schedule of values prepared by the contractor as required by the general conditions.
What is an AIA pay application?
An AIA is a document that contains completed contract billing throughout the project; this document was created mainly to assist architects working on a construction project to be paid for the work completed on the project.
What is payment by cession?
Payment by cession is another special form of payment. It is the assignment or abandonment of all the properties of the debtor for the beneﬁt of his creditors in order that the latter may sell the same and apply the proceeds thereof to the satisfaction of their credits.
What is PCI PA DSS?
The Payment Application Data Security Standard (PA-DSS), formerly referred to as the Payment Application Best Practices (PABP), is the global security standard created by the Payment Card Industry Security Standards Council (PCI SSC).
What are pay apps in construction?
A payment application, or pay app for short, often refers to the pay application form itself. But a pay app is actually a collection of supporting documents that first and second tier contractors submit to request payment.
Is a request for payment an invoice?
It is important to be able to distinguish between the two. Invoices are the documents that request payment for any goods or services that have been delivered or rendered. It’s important to note that purchase orders are not requests for payment. Invoices, however, are binding requests for money from the buyer.
Is a proforma an invoice?
Since the proforma is not an invoice, it cannot be used for accounting purposes by you or the client. It’s not a demand or request for payment. Instead, a proforma invoice is commonly used as a preliminary invoice with a quotation or for customs purposes on imports.