What is a G702?
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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.
Does G702 need to be notarized?
AIA G702 forms include a section for notarization. As a result people believe that a contractor or subcontractor shouldn’t sign off on the AIA G702 without the presence of a notary. However, both parties can agree that notarization isn’t necessary for the project.
What is AIA billing format?
One of those standards is a set of forms contractors use for a specific style of progress billing, plus the practices around them. 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.
How do you bill Retainage on AIA?
Take our $10,000 line-item example and assume there is 5% retainage on it. If you’re 10% complete with that item, you would bill $950 and hold $50 in retainage. If you were to bill another 10% of that line item on each application, another $50 would be held in retainage each time.
How do you bill out Retainage on AIA form?
Once the invoice has been verified and finalized, we can invoice the retainage on its own. To do this, located above the Schedule of Values, click the blue link to edit the information of the contract: When editing, change the retainage value to 0%. Make sure to save the new information before proceeding.
What is the difference between G702 and G703?
The G703 contains all the specific information about the amounts included in the Pay Apps. The additional documents provide proof and support to the claims made in the AIA G702. Additionally, each G703 builds on previous submissions. As a result, the AIA G703 is a precise and complex document with no room for error.
How do I bill for retainage on AIA form?
AIA G702-1992: Application for Payment retainage. The contractor will put retainage in line 5 of the application for payment. This line has separate amounts for retainage on completed work, and retainage on stored materials (materials that you have purchased but not used in the project yet).
Who uses AIA forms?
Used by all industry professionals, including architects, contractors, owners, consultants, and attorneys, AIA Contract Documents are organized into two categories: By families based on types of projects or particular project delivery methods and by series based on the use of the document.
What is form g702 used for?
Form G702 (Application and Certificate for Payment) is used by subcontractors throughout America to make the procedure for receiving payments for work performed regulated and convenient for all parties to the process. Such forms indicate the amount of payment paid for the work done for a certain period.
What is AIA Document g702?
AIA Document G702 is a product of the American Institute of Architects. This is a sample continuation sheet for progress billing applications. This sample was created using Paymee ( PAY ment application M ade E asy for E xcel) . This is a exported Paymee
How is the continuation sheet calculated on a g702?
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. When filling out the G702, you can pull the amount for line 4 straight from “Grand Total” on the Continuation Sheet. Line 5.
Does paymee support printing to AIA g702?
Paymee supports printing to AIA G702 Print to AIA G702 with Paymee Barry Antone New York, NY 10013 175 W Broadway Above Payment Application was created using Paymee. For more info see: March 31, 2017 John Malone Corp 456 Broadway www.paymentapplication.com The total of Scheduled Value (Column C for base contract line items. The total of