Introducing Payment Application Holds
Main Contractors can now track Payment Application traits using new Payment Application Hold project settings on Oracle Textura Payment Management (TPM) solution. When a Main Contractor chooses to include Payment Application Hold settings, the system can place holds on payments to Subcontractors if billed amounts exceed the current contract value, billing includes stored materials, or a Subcontractor's payment is split.
When used, the Main Contractor Project Manager can manage Payment Application Holds on the Edit Payment Status screen. Subcontractors can see the hold status on the Contract Status screen.
Highlights
- Choose new Payment Application Hold project settings to trigger:
- An Overbilled Contract Tracking Hold
- A Stored Materials Tracking Hold
A Main Contractor Split Payment Tracking Hold.
- Receive a notification each time the system creates a hold:
- Main Contractors receive emails for each Payment Application Hold type
Subcontractors receive emails for the Stored Materials Tracking Hold type.
The Split Pay Confirmation Hold was renamed to Subcontractor Split Payment Confirmation Hold.
For more information, see the Manage Payment Holds and Choose Project Settings help topics.
Last Published Wednesday, August 7, 2024