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In this video, the focus is on preparing interim payment applications for a project, covering the process from start to finish. This includes applying and releasing the retention, recovering advanced payment, and creating a statement at completion and final account. The project has a value of $75,650 and a duration of five months. There will be five interim payment applications followed by a final account. The advanced payment is 10% of the project value, with 5% released upon completion and the remaining 5% after the DLP. The payment application format will be used for this process.
