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. The AIA G702 serves as both the contractor’s application and the architect’s certification.
What is AIA Document 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.
What is AIA Application for Payment?
An AIA is a document that contains completed contract billing throughout the project; this document was created mainly to assist architects working on a construction project to be paid for the work completed on the project.
What is AIA?
The American Institute of Architects (AIA) is a professional organization for architects in the United States. Headquartered in Washington, D.C., the AIA offers education, government advocacy, community redevelopment, and public outreach to support the architecture profession and improve its public image.
What is an a1a form?
AIA contracts and forms are consensus documents that reflect advice from practicing architects, contractors, engineers as well as owners, surety bond producers, insurers, and attorneys. AIA documents balance the interests of all the parties, so no one interest, including that of the architect, is unfairly represented.
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 write a schedule of values?
However, the general format to expect will include columns with the following details:
- The description of each item of work.
- The total cost for each item.
- What you’ve been paid to date on the work, from prior billing periods.
- The percentage of the work that’s been completed.
- Your costs for the current billing period.
What is AIA Document g702 and 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.
How do I move forms between g702 and G703?
Click this button (Yellow Menu Bar) for a blank form. The G702 and G703 are considered 1 record (created at the same time). These forms are connected and data transfers between them. Click the page indicator, ( 0 G 702 – 0 G 703 ), to move between forms (Yellow Menu Bar). Manually Fill in the Red bordered fields.
How do I add a negative amount to a g702/g703?
Existing Records are saved and unaffected. Add the amount to BOTH the G702 & G703. Add the amount (s) to the G702 Change Order Summary. You can Change the number in the # column A to re-arrange the line position. Treat it the same as any other line item. Enter the credit (negative amount) in the D or E columns at the end of the project.
How do I enter a g702 change order summary?
Enter data in the G703 Column E, as needed. Existing Records are saved and unaffected. Add the amount to BOTH the G702 & G703. Add the amount (s) to the G702 Change Order Summary. You can Change the number in the # column A to re-arrange the line position. Treat it the same as any other line item.
