Subcontractor Application for Payment Form
The value list is a sheet that lists items with their unit prices and quantities, as well as summaries of what has been paid and what is certified for payment. It provides a general overview of the progress of the project. Depending on how the contract is drafted, this can take the form of a lump sum or a single list that provides a better understanding of the work being invoiced. Schedule No. 3 to the claim for payment is a document that releases and presents for payment the waiver of claims and notices of termination of any subcontractor who provides work, services or materials covered by the certificate. This document guarantees the customer that there are no claims of subcontractors due to payment, execution or other possible claims. The documentation required for a payment request may vary from project to project, but most include a general form and one or more schedule documents. Annex 2 contains a complete list of subcontractors who participated in and performed work under the specified contract during the respective period. This is necessary to justify the amounts certified according to the list of values. This schedule is very specific in some contracts and may require additional documentation such as payroll, certifications, and privileges to ensure that all subcontractors have been paid. A payment request is a construction document that describes how a contractor is paid. The payment request includes the services or materials used or the orders executed under a contractual contract.
This document is usually presented in list form and contains the unit price and quantity of each item supplied. A payment request provides the owner and contractor with a method to control what items or materials have been provided by the contractor. It is a great tool to speed up payment and minimize the possibility of errors. It is also useful to track project costs, balance to completion, material received so far, equipment installed to date, and work completed. The most commonly used payment form requests include: It is a good idea to provide an example of a value sheet during the negotiation process and the tendering and tendering processes. This can then be used as a value calendar to ensure a smoother process. Some contracts require you to submit the most recent and up-to-date project schedule so they can ensure that the project progresses as planned. The client can also request photos or videos documenting the progress of the project.
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