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In this video, Jim Holt from Eras Builders discusses construction pay applications and invoices between builders and owners. He emphasizes the importance of having a clear and detailed pay application process outlined in the construction contract, including time frames and procedures for handling disputes. Holt suggests viewers refer to an additional video on contract agreements to ensure all necessary elements are included. He stresses the need to have the pay application process clearly defined in the contract between the owner and builder before proceeding.