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Get Construction Payment Request Form 2020
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How to fill out the Construction Payment Request Form online
Filling out the Construction Payment Request Form online can be a straightforward process when you understand each section of the document. This guide will provide detailed instructions to help you complete the form accurately and efficiently.
Follow the steps to fill out your Construction Payment Request Form online.
- Click ‘Get Form’ button to obtain the form and open it in the editor.
- Begin by providing vendor information. Fill in the subcontractor's name, assign a sub invoice number, and include the complete address along with the city, state, and zip code. Ensure that you enter a valid email and contact number as well.
- Move to the project information section. Here, you must enter the Teamwrkx job number, project name, and the Teamwrkx contract number. Fill in the project address, including city, state, and zip.
- Next, complete the accounts receivable section by detailing the original or base contract amount. Include the total amount from any approved change orders to date to calculate the total revised contract amount.
- Enter the total work completed or stored to date, expressed in percentage and dollar amounts. This will inform how much of the contract has been fulfilled to date.
- Deduct the previously billed amount from your total work completed to find the total gross amount due for this period.
- Calculate the retention amount, which is typically 10%, from the gross amount due. Subtract this retention from the gross amount due to derive the net amount for the period.
- If applicable, apply any early payment discounts available. Accurately calculate these discounts based on the timing of the payment you anticipate.
- After reviewing all entries for accuracy, save changes, download, print, or share the completed form as necessary.
Complete your Construction Payment Request Form online today!
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Application of payment refers to the process of applying payment to specific invoices or work completed within a project. It ensures that payments align with the work done, enhancing financial tracking. Including a Construction Payment Request Form with your application can facilitate transparency and accountability, easing the payment process.
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