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Legal Definition of document of title : a document (as a warehouse receipt) which is issued by or addressed to a bailee and which in the ordinary course of business is considered to show that the person in possession of it is entitled to receive, hold, and dispose of the bailed goods covered by it.

An application for payment refers to a request for interim payment, or complete payment, by a contractor or a subcontractor in the construction industry.

Title is important for three reasons: it determines whether a sale has occurred, it determines rights of creditors, and it affects who has an insurable interest.

The term 'property in the goods' may be defined as the legal ownership of the goods. On the passing of the property to the buyer, he becomes the owner of the goods and acquires all the rights held by the seller in respect of the goods sold.

Is a payment application the same as an invoice? No. In construction, a payment application may include your invoices and other invoices, but it is something a bit different. At its core, the pay application and the invoice serve very similar functions.

Types of delivery of Goods: Actual Delivery: Where the seller or his authorized agent physically handover the contracted goods to buyer or his authorized agent by giving in possession. Symbolic Delivery: When the goods are bulkier (or ponderous), where actual handover is not possible, a symbolic handover is done.

What should an Application for Payment include? The original total contract value amount for the entire project. The total financial value of all work completed to date, along with any materials stored on/off-site. Any amounts retained. The total amount earned to date, against the total amount received to date.