They are tests to confirm that your payment card account is active and has the funds available to complete your transactions. Authorization holds are removed by your financial institution shortly after your purchase clears. The time it takes to remove authorization requests varies by financial institution.
These are to be found primarily in the contract documents. The term contract documents is uniformly used in all AIA standard form agreements to designate the group of documents that comprise the construction contract between the owner and contractor. The terms contract documents and contract may be used interchangeably.
A contract is a legally binding document or agreement between multiple parties. An oral contract is an agreement that outlines the terms of a contract through spoken communication. In essence, an oral contract is an affirmed contract. However, the only difference is the way in which the agreement is delivered. In an oral contract, the stipulations of the agreement are agreed upon through oral communications, whereas the stipulations in a traditional contract are transacted via a written document. The ways in which the stipulations of the contract are exchanged are not as important as the stipulations themselves.