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This video tutorial explains how to prepare interim payment applications for a project step by step, covering applying and releasing retention, recovering advanced payments, creating a statement at completion, and making the final account. The project has a value of 75650 and lasts five months, with five interim payments and a final account. Ten percent of the value is an advance payment, and another ten percent is retention, with five percent released upon completion and the rest after dlp. A payment application format form is used for this process.