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Whenever the  Schedule of Value (SOV) is set at the contract level and If 

the 'Auto Create Pay Application'= ON, then a Pay Item will automatically be created and be shown in the 'Payment Ledger' tab of the Contracts page and the same Pay Item shown in :

'Auto Generated and waiting both parties' Status in the 'Vendor Pay Application' grid. 

This status is the same as 'Draft'. 

Any Pay Application which is Auto Generated will be visible to both parties. 

If GC edits it and Submits it, then, it moves to 'Submitted & Waiting Other Party' status waiting for the Subcontractor to take action. 

If Subcontractor edits and then submits it, then , it moves to the 'Submitted & Waiting Other Party' status, waiting for the GC to take action.