Define: Application For Payment

Application for Payment:

Noun

1. A formal document submitted by a contractor or subcontractor to request payment for work completed on a construction project. It typically includes a detailed breakdown of the work performed, the corresponding costs, and any supporting documentation such as invoices, receipts, or progress reports.

2. A financial statement submitted by a borrower to a lender, usually in the context of a loan or mortgage, to request disbursement of funds for a specific purpose. The application for payment outlines the amount requested, the purpose of the funds, and any necessary documentation to support the request.

3. A formal request made by an individual or organisation to receive payment for goods or services rendered. This type of application for payment is commonly used in business transactions, where the provider of goods or services submits an invoice or bill to the customer, specifying the amount owed and the payment terms.

Overall, an application for payment serves as a formal request for financial compensation, providing detailed information and supporting documentation to ensure accurate and timely payment.