A payment application request form is a written request for monetary compensation; for example, a contractor may address a payment application request form to the project owner to seek payment for the work he has done, the goods he has delivered, or his services.
A payment application request also identifies and presents the way how the contractor will be paid by the owner.
You can Download the Payment Application Request form Application Form Template, customize it according to your needs, and Print it. Payment Application Request form Application Form Template is either in MS Word or Editable PDF.
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Features
General Information:
Project title and number (if applicable)
Date
To (recipient of the request) – payee information
From (sender of the request) – your information
Application number (for tracking purposes)
Payment Request Details:
Contract number (if applicable)
Original contract sum
Change orders (if applicable) – net change to the contract sum
Contract sum to date – total amount earned under the contract
Total completed and stored to date (materials or work)
Retainage (percentage withheld from the payment)
Calculation of Earned Amount:
A table to calculate the earned amount by subtracting retainage from the total contract sum to date
May also include space for previous payments made
Request for Payment:
Section to specify the current payment amount due
Benefits
Standardization:
The template ensures a consistent format for requesting payment, making it easier for clients or project managers to review and also process them.
Completeness:
The template helps ensure that all the necessary information, such as project details, invoice date, and also requested amount, is included in the request.
Accuracy:
By having designated sections for specific details, the template helps reduce the risk of errors or omissions in the payment request.
Efficiency:
Using a template saves time and effort compared to creating a payment request from scratch.
Improved Communication:
The template can help ensure clear communication between contractors and clients regarding payment requests.
