They are typically used as a summary sheet of billing progress. In general, a subcontractor is used to request payment from any general contractor and also it can be used to request payment from the owner.
The G702 is an AIA Pay Application – also known as a billing form. They are typically used as a summary sheet of billing progress. In general, a subcontractor is used to request payment from any general contractor and also it can be used to request payment from the owner.
The AIA Payment Application can be used when a contractor applies progress payments to owners or is certified by the architect. Additionally, they are used for handling change orders and retainage. The primary reason is to reconcile the billing information between the contractor and the stakeholder. It can further work as a detailed invoice with a summary of work. This document is a progress of the project and verifies that the work has been completed on time per the contract.
AIA Part One; Project Information
At the top of the form, the first section is for inputting basic information for the owners, contractors, architects, and the project information. In this section, contractors should include names, addresses, party request payments, owner’s details, and architect information. Make sure all the sections are accurate and complete. On the right side, there is the following information:
- Application number
- Period
- Contract for
You need to provide a brief description of the labor and materials used by the contractors, along with the date of the contract. Once all the fields have been filled and reviewed you need to move further and fill out: the ‘contractor’s application for payment section’.
AIA Part 2: Contractor’s Application for Payment
This section includes: original contract sum” Here you need to simply put the original contract sum and the guaranteed maximum price of the construction. It is not required to include change orders and dispute the claims in the number. Furthermore, the number should not be changed as the project progresses or additional applications are submitted.
- Net changes: it is for the records added and deducted through change orders. It could be negative and positive numbers to reflect the change orders. Negative numbers in this order indicate the scope of work that has been reduced from the form of the original. In order to calculate the number, fill change order summary section.
- Completed and stored to date: this section requires a completed G703 form. It provides an itemized list of work completed additionally the scheduled value cost and the total value of all work. The value of all materials is currently stored on-site.
- Retainage: this section is designed for recording retainage. You need to input the amount of retainage withheld per the contract. In case the variable of the retainage was selected – one needs to list the total dollar amount form.
Line 5a reflects the total work completed
Line 5b reflects the total value of materials
Total retainage withheld to the current date
Wrapping up
You should take enough time to fill out the form also contractors should avoid situations where they are almost rushing to submit a G702 form. Also, take time to review all the information before submitting the form.
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