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CONTRACT PAYMENT PREAUTHORIZATION CONTRACT # NOTE: Preauthorization of contract payments is allowable for contracts that have recurring budget/project coding(s). For prompt processing, the invoices
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Contract payment pre-authorization is a process by which a company obtains approval from a designated authority before making a contractual payment.
The party responsible for making the contractual payment is required to file the contract payment pre-authorization form.
To fill out the form, the required information such as payment amount, recipient, purpose, and authorization details must be provided.
The purpose of the pre-authorization is to ensure that the contractual payment is legitimate, authorized, and in compliance with company policies.
Information such as payment amount, recipient, purpose, authorization details, and any supporting documentation must be reported.
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