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In this video, Jim Holt from Eras Builders discusses construction pay applications and invoices from builder to owner. He emphasizes the importance of having the pay application process agreed upon upfront in the construction contract, with detailed specifications on what is included, time frames, and dispute resolution. It is essential to ensure that the contract agreement covers all necessary details to avoid any misunderstandings. Watch their video on contract agreements to learn more about incorporating essential elements into the agreement.