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In this video tutorial, Jim Holt from Eras Builders discusses the importance of construction pay applications and invoices from builders to owners. He emphasizes the necessity of clearly outlining the pay application and invoice process in construction contracts, detailing what will be included, time frames, and procedures for handling disputes. He suggests viewers also watch a previous video on contract agreements to ensure all essential elements are addressed. The focus is on ensuring that the pay application process is well-defined in the contract between the owner and the builder before any payments are made.