Get the free SECTION 012900 - PAYMENT PROCEDURES

This section specifies the administrative and procedural requirements for preparing and processing Applications for Payment for Construction Contracts over and under $100,000.

How to fill out section 012900 - payment

How to fill out SECTION 012900 - PAYMENT PROCEDURES

1. Begin by referencing the project specifications to understand the specific payment requirements.
2. Fill in your project information including the project name and number at the top of the section.
3. Review the payment application process outlined, including the necessary forms and documentation.
4. Ensure that you understand the schedule of values and how it relates to your payment requests.
5. Verify that all required supporting documentation is completed and attached to your payment request.
6. Submit the completed payment application by the specified method, ensuring it is delivered to the correct party.
7. Follow up with the project team to confirm receipt and approval of your payment request.

Who needs SECTION 012900 - PAYMENT PROCEDURES?

1. Contractors involved in construction projects who require reimbursements for work completed.
2. Project managers who oversee financial aspects of the construction process.
3. Subcontractors who need to submit payment requests for their contributions to the project.
4. Clients or owners who need to understand payment obligations and timelines.

People Also Ask about

How to write a contract for payment?

State what each side agrees to do. Clearly write out the terms of the loan. Include information about the date of the loan, the payment terms, interest, schedule of payments, late charges, default, and any other details in the agreement. Explain that the contract represents the entire agreement.

What should be included in the payment section of your contract?

Be specific with your payment terms: include a due date, any fees for late payments, and options for how to pay. Your terms might look like this: “Payment is due by June 15, 2025. A 1.5% late fee will apply for payments received after this date. Payment is accepted via bank transfer or credit card.”

What should be stated in the payment agreement?

Clearly Defined Terms: It specifies the exact amount owed, the repayment schedule, interest (if any), and consequences for late or non-payment, leaving no room for “he said, she said.” Minimizes Disputes: By outlining all terms upfront, it significantly reduces the likelihood of future disagreements.

What are the payment clauses in a contract?

Contract payment terms often include details on how invoices should be submitted, the payment due date, and any late payment penalties or interest charges. It's also important to include provisions for confirming the receipt of payments, such as receipts, acknowledgment of invoices, or other forms of documentation.

What is construction payment?

“Construction payments” is a blanket phrase that covers all financial transactions related to a construction project, including payments for supplies and labor, as well as incidental expenses, such as storage fees.

How to request payment in English?

[Client Name], I hope you're doing well. I'm reaching out to you to remind you that your payment of [payment total] for invoice [invoice number] with us is [number of days] overdue. According to our records, you should've received the invoice I'm referring to in the mail on July 5, 2022.

What are the payment terms of a contract?

A payment terms agreement is a legal contract between a buyer and seller that outlines how payments will be made.

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What is SECTION 012900 - PAYMENT PROCEDURES?

SECTION 012900 - PAYMENT PROCEDURES refers to a section in construction contracts that outlines the methods, requirements, and procedures for processing and managing payments made to contractors and subcontractors involved in a project.

Who is required to file SECTION 012900 - PAYMENT PROCEDURES?

Typically, contractors, subcontractors, and sometimes suppliers are required to file SECTION 012900 - PAYMENT PROCEDURES as part of their contractual obligations in construction projects.

How to fill out SECTION 012900 - PAYMENT PROCEDURES?

Filling out SECTION 012900 involves providing specific information about payment processes, including invoice details, payment intervals, necessary supporting documents, and any conditions for payment approval as stipulated in the contract.

What is the purpose of SECTION 012900 - PAYMENT PROCEDURES?

The purpose of SECTION 012900 is to ensure clear, standardized processes for payment that promote transparency, accountability, and timely settlements for all parties involved in the construction project.

What information must be reported on SECTION 012900 - PAYMENT PROCEDURES?

Information reported on SECTION 012900 may include payment requests, project milestones, dates of services rendered, amounts due, supporting documentation, and conditions or certifications required for payment release.