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In this video, Jim Holt from Eras Builders discusses construction pay applications and invoices from builders to owners. He emphasizes the importance of having a clear, detailed pay application process specified in the construction contract. Key elements such as the timeframe for payments and dispute resolution should be outlined in the agreement. Holt recommends watching another video focused on contract agreements to ensure all necessary items are included. The overarching message is to ensure that the pay application process is understood and agreed upon by both the owner and the builder before commencing construction.