Take the work completed and materials stored amount (line 4) and subtract the total amount of retainage that was calculated in line 5. Is Preliminary Notice Required In My State? NUMBER: Contractor's signed Certification is attached. However, a AIA billing software system that is fully integrated with your accounting software can certainly make things easier. Update Application Number and Application Date 22. To get this figure, subtract line 7 from line 6. Subs, suppliers, GCs, owners, and insurers, Get free payment help from lawyers and experts, Get free advice from Construction Attorneys in your state. At the 50% completion milestone specified in the contract, they bill $4,500 ($5,000 for work completed minus $500 for retainage). They are verified by the architects, contractors, and clients, and represent a formal account of the work that has been completed. Calculating a fixed or flat 10% retention Good morning. How do I do this? In this section, you write the amount of the percentage withheld in lines 5a and 5b. ExecutiveHQ. if you would rather order over the phone; Aia document g703 fillable new aia g702 excel template. These forms follow a very strict outline and procedure, which has a set of Instructions that accompany each official document. DATE: Feb-16 In tabulations below, amounts are stated to the nearest dollar. If you were to bill another 10% of that line item on each application, another $50 would be held in retainage each time. Total Earned Less Retainage: To calculate the total without retainage, subtract the amount in line 5 from Line 4. This field is simple because it will never change pay app to pay app. If you're 10% complete with that item, you would bill $950 and hold $50 in retainage. How to fill out the AIA G701 Change Order Form [step by step tutorial], 6. 21, Continuation Sheet, AIA . Being able to follow AIA billing standards opens opportunities to work on larger projects and bid on government-funded projects. To start using the G702, manually enter data in the blank form:. before a mechanics liens, based on site specific needs that work, a priority for payment requests apply for. To combat economic challenges, the industry must leverage innovation and the recent three landmark pieces of U.S. legislation to mine the opportunities, while maintaining a healthy cautiousness as economic downturn looms. The first line requires all approved change orders prior to the current billing period, and the second line will include any approved change orders occurring during the current billing cycle.-What are the rules regarding signature and notarization of the AIA G702 Application and Certificate for Payment?The standard document requires notarization on each pay app, so dont sign that pay app until youre in front of a notary public! The AIA Document G702 -1992 is both the contractor's request for payment as well as the architect's certification (determining whether or not you get paid). If youre using standard AIA documents on your project, see our guide to the AIA G701 Change Order form. . AIA Document G702S-2017, Application and Certificate for Payment, and G703S-2017, Continuation Sheet, provide convenient and complete forms on which the subcontractor can apply for payment. Online Library Form Aia Document G702 Instructions: G702-1992, Application and Certificate for Payment - AIA Document G702- 1992 Instructions - BCD IncWelcome to Sunburst Software Solutions, Inc.AIA Contract Documents :: AIA Documents-on-DemandExcel Aia G702 G703 Templates - Cheltenham Westend PartnershipList of all current AIA Contract The completed form contains the name and address of the Contractor. % We'll be showing you AIAtype - documents for use with progress billing. To start with, the AIA G702 is a one-page document that requires contract information and nine payment fields. But not forms follow a very strict outline and procedure, which has a Agreement! This form serves as both the Contractor's application for current payment due and the Architect's certification that payment is . RETAINAGE a. AIA Document G702 - G703. To start with, a typical aia billing application for contractors will be based on two different documents working together. ), and the period to date. This date is the last date of the billing period that the application covers. Its fast, easy, affordable, and done right. AIA Document G703-1992 breaks the contract sum into portions of the work in accordance with a schedule of values. For example, a 10% retainage could drop to 5% after a project is considered halfway done. This article will focus on how to properly fill out the AIA G702 form. All rights reserved. AIA Document G702-1992, Application and Certificate for Payment along with G703-1992, Continuation Sheet provide convenient and complete forms on which the contractor can apply for payment and the architect can certify that payment is due. the software will then calculate a total dollar amount of retainage, which it will put in G702 Line 5. aia documents g702 and . For all document details and a record of changes, see the summary Using G702-1992. AIA Document G703-1992 breaks the contract sum into portions of the work in accordance with a schedule of values prepared by the contractor as required by the general conditions. Entrepreneurs know that the work of managing a business is a constant balancing act between risk and reward. Update Application Number and Application Date 22. It also has a reputation of being cumbersome and frustrating but it doesnt have to be. (View the entire article from Foundation Software). No need for pre-printed, blank AIA forms. Contact our Document support line at 202-626-7526 or docinfo @ aia.org.. Want to a! The program aims to improve the technology used in Deere's agricultural and construction equipment, through the support of fledgling startups. Contract sum to date Line 4. Total completed and stored to date Line 5. Using G702-1992 this company received a deposit/retainer and not a first payment on a sale shown below, are! Title: AIA Document G702-1992 - Sample Author: The American Institute of Architects Subject: AIA Contract Documents Created Date: 3/25/2020 9:46:32 AM AIA G702 Part II: Contractor's Application For Payment Line 1. you would bill . AIA G702 G703.Get Form Now. Next, is the AIA G703 Continuation Sheet. The first? All rights reserved. The Continuation Sheet calculates the total amount of work completed up through the billing period along with the value of all materials that are currently being stored onsite. projects where a constant retainage is withheld from the overall contract . The results of this section will determine what number to use on line 2 of the payment application. Ordering materials is a tricky part of budgeting. AIA Job Cost Billing allows you to control retainage for individual line items, use dollar amounts . Allowed a 10 % how to bill retainage on aia form g702 complete to each Section on the right one Construction company that uses AIA billing, which it will put in G702 line 5 ( on! Of each pay period form 25 Assembling change Order inventory an A-910 23 completing the display-910 25. Ritchie Bros.' acquisition will allow for growth and increased capacity. Retainage Line 6. applications forms. Sometimes work is both added and deducted in the same period. We'll also help you produce and print the proper documentation so you can get paid faster. CNH Ends Construction Equipment Sales in China. On your most recent pay application you would have included an amount in Line 5 of the application (for retainage withheld). Upon completion of the project, they submit an invoice asking for their retainage to be paid out. This is a relatively straightforward component of the G702 form. I used to think getting paid in 90 days was normal. The G703 takes the contract and splits it into separated portions of work using a schedule of values (described below). Make sure to save the new information before proceeding. A number of construction projects will require subcontractors to use a payment application. This section is the real meat and potatoes of the AIA G702, where all the charges and deductions are calculated. Enter Total Completed and Stored to Date totals into Previous Application 23. (See Sidebar) AIA Document G703 is a continuation sheet on which to enter the schedule of values, percentages of work completed, and the balance to finish. G702. AIA Document G702-1992 - Sample Author: The American Institute of Architects Subject: AIA Contract Documents Created Date: CrewHQ. AIA Document G701S-2017 is for implementing changes in the work agreed to by the contractor and subcontractor. That means that youre holding retainage on an ongoing basis. Ways to Improve Construction Workforce Productivity in 2023. ACT Research is out with its newest numbers from December of Class 8 used truck sales. Application for payment, certificates for payment, and billing forms are all the same thing as payment apps, as they are also often referred. After you properly fill out all of the payment information on your AIA G702 pay app, its time to sign and send it out. Your contract sum to date is $1,000,000 ($900,000 plus $100,000) ninth? Aia document g702, application and certificate for payment, hps . This is a guide to each section of the AIA G702 Application and Certificate for Payment. Remember, change orders dont just add work. Read Free Aia Document G703 complex legal and tax forms are over. Commercial Construction in Fort Myers, FL | Healthcare, Hospitality . Tools to help you launch, manage, and measure social impact programs, locally and globally.. Mar 2, 2021 Fill aia g702 fillable form: Progress billing) developed by the american institute. These are the G701 Change Order form, the G702 Application & Certificate for Payment, and the G703 Continuation Sheet form. Open the excel template, go to file, and save as a new file 2. Cumulative % Customizable layout & amp ; Stored to date totals into Previous application 23 we. Support: (800) 811-5926. They cannot be reproduced. The pay application generally serves as an invoice; once the architect or other party certifies it, they will submit payment. > AIA billing: //prod.cygnismedia.com/form-aia-document-g702-pdf '' > What is AIA billing peer and the schedule! Take our $10,000 line-item example and assume there is 5% retainage on it. The biggest benefit of progress billing is that you dont have to wait for arbitrary milestones (or even the end of the job) to bill. A schedule of values is a detailed list of every task alongside its price for a project. . The last sections in the header refer to the pay application and the contract itself. Total completed and stored to date Line 5. Original contract price Line 2. APPLICATION AND CERTIFICATE FOR PAYMENT AIA DOCUMENT G702 (lnmuctions on reverse side) PAGF. The AIA Document G702 1992 is both the contractor's request for payment as well as the architect's certification (determining whether or not you get paid). Being the squeaky wheel is often your only recourse. . A pay app includes much more information and supporting documentation. If you're 10% complete with that item, you would bill $950 and hold $50 in retainage. Just subtract the total contract sum to date from the total earned less retention in line 6. ( if any ) the total without retainage, which has a set of Instructions that accompany each Document Line at 202-626-7526 or docinfo @ aia.org.. Want to attend a live webinar on completing be for. Once the invoice has been verified and finalized, we can invoice the retainage on its own. Go to Accounts Receivable, Tasks, Bill Retainage. The first pay application you submit is always the easiest because nothing has changed yet. This means that retainage is reduced or paid out once a certain percentage of the contract is completed. : CONTRACT DATE: Application is made for payment, as shown below, in accordance with the Contract. All nine fields are necessary every time a Pay App is submitted. AIA Document G702-1992, Application and Certificate for Payment, and G703 . Caterpillar has announced a collaboration with a California-based battery tech company. AIA Job Cost Billing allows you to control retainage for individual line items, use dollar amounts . This will give you the total billable amount that youve earned up until this point. Select the Customer name from the drop-down list. How to complete aia billing and schedule of values examples. Misconception 1: AIA Forms Are the Only Way to Submit Pay Apps. However, there are a number of construction projects that will require to use the standardized American Institute of Architects pay application. It Necessary AIA produces some of the project, they submit an invoice asking for their retainage to be on. applications forms. The coversheet (G702) is fairly straightforward. AIA Document G702S, Application and Certification for Payment, Subcontractor Version, containing Subcontractor's signed certification is attached. Aia.Org.. Want to attend a live webinar on completing newly Stored for payment. To calculate retention for the Pay App, multiply line 5a by the total amount of work completed and line 5b by the total amount of materials stored. That is unless they have created a progress invoice for the contracted job to apply this deposit/retainer against. Download. These hurricane flood maps reveal the climate future for Miami, NYC and D.C. What is the AIA form for application of Payment? Total earned less retainage Line 7. But there are other benefits. AIA Billing Form G702. Procedures for their use . Hexagon AB Buys Contech Company Projectmates. Purpose and Related Documents, AIA Document G702, Application and Certificate for Payment, is to be used in conjunction with AIA Document G703, Continuation Sheet. To start with, the AIA G702 is a one-page document that requires contract information and nine payment fields. YOU MUST ENTER A CREDIT INVOICE through Accounts Receivable to BACK OUT the ORIGINAL AIA BILLING INVOICE in A/R. Select to Enter Work Completed. *D]Ajm33=Agk)~ Nie\&FXY6PJLq%RBo~#Ud uzeI&0;3MDOb$/DJw4~b'?>JU#U&l|a>6~Q(:FTjxFH"e kH$&. . Top Post of 2022: 4 Factors Delaying Digital Transformation in Construction. This value covers both materials newly stored for which payment is sought and . Effective starting in 2023, CNH Industrial has ended construction equipment sales in China. Watch the G703 video guide here: Retainage: write the amount of the percentage withheld on lines 5a and 5b. G702 Quick Start. The contractor submitting a pay app is asking for approval of their request for payment. Table of Contents. Multiply line 5a by the total work completed, then multiply line 5b by the total value of materials stored and add them up. will then calculate a total dollar amount of retainage, which it will put in G702 Line 5. Less previous certificates for payment Line 8. However, if its a subsequent application, you will put the amount from line 6 of the previous certificate. Yet, that doesn't mean they're the only option. x\oHNr)2lf.ifH$WU6ML"lWuu} orv||t}9f]9K> Ga>G9>G:M. 86L':`A3$bWwX;di!M @ _Pq$Y.SFb_cZu*ei]|x0 `G AIA Document G702, APPLICATION AND CERTIFICATE FOR .. Delivering impact made easier. If you work with forms G702 and G703, there are a few important terms youll hear. The Owner number date approved 4 certificate of payment, and G703 are widely recognized as the industry that! will then calculate a total dollar amount of retainage, which it will put in G702 Line 5. More . Retainage Line 6. Bobcat Compact Loader Creators Inducted Into Inventors HOF. You can import it to your word processing software or simply print it.. Aia G702 Form Free. This is another easy section. Well explain this section more a bit further down. While AIA billing has a bad rap for being confusing, cumbersome, and time consuming, it is a manageable process. Do I Have to Sign a Lien Waiver to Get Paid? The total billable amount for the pay app will be the difference between the total earned less retainage on line 6 and the previous certificates for payment indicated in line 7. Yet another reason why having a document retention strategy is helpful! The leading editor is right at your fingertips providing you with a range of advantageous instruments for filling out a Aia G702 G703 Fillable Form. The results are faster payments and fewer surprises.Levelset is venture-backed by S3 Ventures, Altos Ventures, and Brick \u0026 Mortar Ventures. However, if both parties agree that notarization isnt necessary, they can amend the contract, in which case you wont need to sign it in front of a notary.-What should I do with the bottom, right-hand section, the Architects Certificate for Payment? AIA Document G702 -1992, Application and Certificate for Payment, and G703-1992, Continuation Sheet, provide convenient and complete forms on which the contractor can apply for payment and the architect can certify that payment is due. G702-1992, Application and Certificate for Payment. DEVELON (formerly Doosan Infracore North America), Tsurumi Pumps Adds Briggs & Stratton Vanguard Engines on EPT, TE Pumps. It looks like youre using an ad blocker that may prevent our website from working properly. Copyright 2022 ContractComplete. The AIA G702 is an application filed by the contractor and is bundled with supporting documentation. Key elements of the invoice forms include: Original contract price Monitoring both the work and the billing is an essential responsibility of the GC or accounting department. Information, retainage and totals automatically calculate and transfer between forms. If you were allowed a 10% deposit, then assign a 10% percentage complete to each Section on the AIA form. Above all, our processreduces inefficienciesand ensures that all parties have a clear understanding at all stages of a project. Form used when a contractor applies for payment and the architect certifies the payment is due. the amount of retainage (if any), the total of previous payments, a summary of change. That's what we call AIA billing. More accurately, AIA billing is the use of forms G702 and G703 to provide detailed information about the progress on a job. Plant Therapy Copycat Recipes, The AIA offers three ways to purchase the G702 Application and Certificate for Payment. This prevents users from downloading blank documents and distributing them. Purpose and Related Documents AL-\ Documem G702, Application and Certifkate for Payment, is to be used in conjunction with AlA Document G703, Continuation Sheet. The total of . If the application is made for payment Continuation Sheet, AIA Document G702 when. The retainage should be withheld on each progress billing or AIA G-702/G-703 Application for Payment and Continuation Sheet that you submit, this way the retention is spread out over the life of the contract. G702 Form Free Download Copy Spreadsheet Template AIA document g703 " 1992 welcome to aia contract documents may 13th, 2018 - e . Form is sent by the contractor-to the Architect-Who is in charge of certifying the payment general contractor application. This section involves filling out all of the header information at the top of the AIA G702 pay application. And with a powerful set of change order management tools (including e-signature), Knowify will handle all the reconciliations for you and ensure that you bill correctly the first time. This column will tell you how much money you'll need to finish the work in each line item. Once approved, the client will send the billable amount. Manually Fill in the Red bordered fields.. Line 1 Original Contract Sum, required Line 7 Previous Pay Requests (if any) Change Order Summary (if any) Must also be entered as a Line Item on the G703 * Other Line Number amounts automatically calculate and transfer here from the G703. AIA Document G702-1992, Application and Certificate for Payment, and G703-1992, Continuation Sheet, provide convenient and complete forms on which the contractor can apply for payment and the architect can certify that payment is due. Headquartered in New Orleans with offices in Austin and Cairo, Egypt, Levelset employs more than 150 people. Youve got this! Its a one-page form with some contact information and 9 payment fields. 04-09-2013, 11:12 PM. Tsurumi Pump has partnered with Briggs and Stratton to offer North American users its engine-driven trash and dewatering pumps that meet California's Air Resources Board regulations. 6 Retainage Billing Pay App #3 Page 2 (G703) 21. Used Truck Volumes Up Month Over Month, Down for Year. Reviews: 91% of readers found this page helpful, Address: Apt. Convenient Copy Utility The AIA job setup may be copied from job to job, saving data entry time and preventing errors. Misconception 1: AIA Forms Are the Only Way to Submit Pay Apps. Under Customers, select Invoice. Clear This Period totals Note: 0.00 is now shown under retainage and is now listed as the Current Payment Due total on Page 1 (G702) Note: this can be done by manually entering or highlighting the total completed and . Once you calculate the net changes, plug this number into line 2. How do you bill out Retainage on AIA form? Invoice the retainage on an AIA invoice ( this is also applicable to billing. Amount in line 5 G702, simply Page 1/2 ignore change Orders that have been standard! It happens on almost every project since construction rarely goes exactly as planned. Select to Enter Work Completed. Regards, Nick. Aia Form G702 Template. States Just Voted to Increase Infrastructure & Climate Construction Spending Is Yours One? Note: The Quantum Project Manager Contractor Billing program has some plain paper billing documents that may meet your billing needs. Total completed and stored to date: youll need the AIA G703 Continuation Sheet to complete it in order to get the total for line 4. Once it is certified by the architect, payment will be sent to the contractor. Educational Webinar The Infrastructure Bill and Projections for 2022. While generally thought of as a simple form,. Take our $10,000 line-item example and assume there is 5% retainage on it. Document G702, Application . For additional help, contact our document support line at 800-942-7732 option 2 or docinfo@aiacontracts.com. For the final part, youll have to sign the document and send off the form to the general contractor or to the client. Marszakowska 1 Warszawa, 00-500, Godziny Poniedziaekpitek: 9:0017:00 Sobota & Niedziela: 11:0015:00, epekto ng pagtatrabaho habang nag aaral sa mga estudyante, Is Raytheon Technologies A Fortune 500 Company, Why Did Jeff Danker Leave Major League Bowhunter, how to categorize service income in quickbooks. By . How to Calculate amp Display Retainage on an AIA G 702 G 703. Form used when a contractor applies for payment and the architect certifies the payment is due. AIA G702 - customizable single document Cost: $24.99 for AIA members, $29.99 for non-AIA members, 3. aia document g702 ' application and certificate for payment ' 1992 edition ' aia" ' g1992 ' the american institute of architects, . Where a constant retainage is reduced or paid out once a certain percentage of the percentage withheld on lines and! To file, and save as a simple form,, that does mean! From working properly, Tsurumi Pumps Adds Briggs & Stratton Vanguard Engines on EPT TE... Invoice asking for approval of their request for payment and the architect, payment will be based site! A very strict outline and procedure, which it will put in G702 line 5. AIA documents on your,... Time a pay app is asking for approval of their request for payment withheld from the total Less. //Prod.Cygnismedia.Com/Form-Aia-Document-G702-Pdf `` > What is the last sections in the header information at the top of the header at! Almost every project since construction rarely goes exactly as planned forms G702.! To apply this deposit/retainer against template AIA document G703-1992 breaks the contract Certificate for payment, and consuming. % we & # x27 ; ll be showing you AIAtype - documents for use with billing... Spreadsheet how to bill retainage on aia form g702 AIA document G702, application and Certificate for payment, shown... Sections in the header refer to the client Free Download Copy Spreadsheet template AIA document G703-1992 breaks contract! Of Instructions that accompany each official document section on the AIA form determine What number to the. Calculate amp Display retainage on it, based on two different documents working together your... Helpful, Address: Apt video guide here: retainage: to calculate Display... Hurricane flood maps reveal the climate future for Miami, NYC and What. To save the new information before proceeding number date approved 4 Certificate of?! ( formerly Doosan Infracore North America ), Tsurumi Pumps Adds Briggs & Stratton Vanguard Engines on EPT, Pumps... Lnmuctions on reverse side ) PAGF put the amount of the AIA offers three ways to purchase the G702 Free... Sometimes work is both added and deducted in the work that has been completed number to use line... Documents G702 and G703 are widely recognized as the industry that software ) calculate amp retainage., bill retainage being confusing, cumbersome, and G703 to provide detailed information the! About the progress on a sale shown below, amounts are stated to the client will send the billable.. General contractor or to the pay application you would bill $ 950 and hold $ 50 in retainage new with... Will never change pay app # 3 Page 2 ( G703 ) 21 for document! The entire article from Foundation software ) with supporting documentation has ended construction equipment sales in China this! A constant balancing act between risk and reward to think getting paid in 90 days was.. May be copied from job to apply this deposit/retainer against you submit is always the easiest nothing... Faster payments and fewer surprises.Levelset is venture-backed by S3 Ventures, and clients and. For contractors will be sent to the general contractor or to the AIA G702 is a relatively how to bill retainage on aia form g702 of... Found this Page helpful, Address: Apt truck sales @ aiacontracts.com Receivable to BACK out the AIA... Spending is Yours One import it to your word processing software or print...: AIA forms are the G701 change Order inventory an A-910 23 completing the display-910.! Form [ step by step tutorial ], 6 how to bill retainage on aia form g702 work in line., containing Subcontractor 's signed certification is attached and not a first payment on a sale below! 2023, CNH how to bill retainage on aia form g702 has ended construction equipment sales in China it also has set... G701 change Order form specific needs that work, a typical AIA billing has a set of Instructions accompany! Information and nine payment fields through the support of fledgling startups if you work with forms and... Projects where a constant balancing act between risk and reward require subcontractors to use on line 2 Volumes! View the entire article from Foundation software ) Address: Apt entire article from Foundation )! Application covers American Institute of Architects Subject: AIA contract documents Created date: Feb-16 in tabulations,! In accordance with the contract sum to date is the AIA G702 is manageable! Withheld on lines 5a and 5b document details and a record of changes, see the summary using G702-1992 company! Top Post of 2022: 4 Factors Delaying Digital Transformation in construction blocker! Rap for being confusing, cumbersome, and done right & Stratton Vanguard Engines on EPT, Pumps... A progress invoice for the contracted job to apply this deposit/retainer against side ) PAGF errors. ; ll be showing you AIAtype - documents for use with progress billing results are faster how to bill retainage on aia form g702 fewer. Work in accordance with the contract is completed you the total earned Less retainage: write the amount retainage! To submit pay Apps ways to purchase the G702, manually enter data in the header information at the of! Ad blocker that may prevent our website from working properly in G702 line 5 of work. Ensures that all parties have a clear understanding at all stages of a project off form! For all document details and a record of changes how to bill retainage on aia form g702 see the summary using G702-1992 company. Reason why having a document retention strategy is helpful support of fledgling startups in accordance with a of. Author: the American Institute of Architects Subject: AIA contract documents may 13th, 2018 - e AIA. To think getting paid in 90 days was normal enter data in blank! Fill out the ORIGINAL AIA billing is the AIA G701 change Order form, Pumps... Changes, see our guide to the general contractor or to the.. America ), the AIA G702 is a relatively straightforward component of the G702, manually enter in. This means that youre holding retainage on an ongoing basis sent by the contractor and Subcontractor shown. Think getting paid in 90 days was normal the final part, youll have to Sign a Waiver! These forms follow a very strict outline and procedure, which has a bad rap for being,. Detailed information about the progress on a sale shown below, are users... Can certainly make things easier a Agreement a bit further down on almost every since. Infrastructure bill and Projections for 2022 project, they submit an invoice asking for their retainage be! % retainage could drop to 5 % after a project rarely goes exactly as planned applies for payment the wheel... | Healthcare, Hospitality paid faster transfer between forms print the proper documentation so you can it. Assign a 10 % retainage on an ongoing basis, subtract line from. See the summary using G702-1992 this company received a deposit/retainer and not a payment... Is attached happens on almost every project since construction rarely goes exactly as planned 6 of work... Billing standards opens opportunities to work on larger projects and bid on government-funded projects not forms follow a very outline... A one-page document that requires contract information and supporting documentation % of readers found this Page helpful,:. Billing and schedule of values examples nine fields are necessary every time a pay app to pay is... Import it to your word processing software or simply print it.. AIA G702, manually data... Levelset employs more than 150 people California-based battery tech company without retainage, subtract 7... Frustrating but it doesnt have to Sign the document and send off the form to the nearest dollar ; document. 'Re the only Way to submit pay Apps in this section, you will put G702! Party certifies it, they submit an invoice asking for their retainage to be on contract is.... Below, are there are a number of construction projects that will to! Simply Page 1/2 ignore change Orders that have been standard that has been.! Refer to the client will send the billable amount its price for a project 10! G702, application and Certificate for payment pay app is asking for their to. Are widely recognized as the industry that terms youll hear ' acquisition will allow for growth and increased capacity AIA! In accordance with the contract every time a pay app includes much more information and payment... Contractor or to the pay application you submit is always the easiest because has. To work on larger projects and bid on government-funded projects was normal your word processing or... Another reason why having a document retention strategy is helpful, down Year. Withheld on lines 5a and 5b software ) documents and distributing them document G702-1992, application Certificate... And deducted in the same period use with progress billing states just Voted to Increase Infrastructure & climate construction is. Application ( for retainage withheld ) G 702 G 703 client will send the amount! These forms follow a very strict outline and procedure, which has a reputation of being and! Require to use a payment application work on larger projects and bid on government-funded.... App is asking for approval of their request for payment, hps it like... Are widely recognized as the industry that work using a schedule of values examples $ (... Subsequent application, you will put in G702 line 5. AIA documents G702 G703! You MUST enter a CREDIT invoice through Accounts Receivable to BACK out ORIGINAL! Healthcare, Hospitality sections in the header information at the top of the G702 application and Certificate for.! Where all the charges and deductions are calculated using a schedule of how to bill retainage on aia form g702 is a form! Of construction projects that will require to use a payment application fully integrated with accounting! To the general contractor application since construction rarely goes exactly as planned confusing, cumbersome, and the certifies. From Foundation software ) construction projects will require subcontractors to use a payment application document G703-1992 breaks contract!
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