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hello guys and welcome im this is cost engineering professional in this video we will be discussing the terms of payment for construction projects if this is your first time visiting our channel please consider subscribing to the channel turning on notification like share show us love guys because we love you so much and with this lets get into the video [Music] all right what we are going to be explaining here is what are the terms of famine that can be agreed for purchases and subcontract works well talk about the advanced payment well talk about the payment upon delivery progress payments payment application payment certificate performance bond retention and delay penalty so these are all terms related to payment but before we start what are the terms of payment what is the definition of terms of payment payment terms are contractual provisions that establish rules for when and how payment for goods or services supplied under a contract or purchase order must be made when do we