What is AIA G702?
AIA G702 is a form used by contractors to apply for periodic payments during a construction project. It includes information about the work completed, materials stored, and any retainage withheld. The form is signed by the contractor and the architect, who certifies that the work has been completed as claimed. This document ensures transparency and accountability in the payment process, helping to maintain financial control and project progress.
AIA Document G702
AIA G702 is an essential part of the payment process in construction projects. It provides a standardized format for contractors to request payments, ensuring that all necessary information is included and verified. The form helps project owners track the progress of the work and manage cash flow effectively.
AIA G702 Summary
Overview of the key features and uses of the AIA G702 include:
- Application for Payment: The contractor's request for payment, including the total amount of work completed to date and the amount currently being requested.
- Contract Sum: The original contract amount agreed upon at the start of the project.
- Change Orders: Any approved changes to the contract sum due to modifications in the scope of work.
- Work Completed: The value of the work completed to date, including any materials stored on-site.
- Retainage: A portion of the payment withheld by the project owner to ensure that the contractor completes the project satisfactorily.
- Total Earned Less Retainage: The total amount earned by the contractor, minus any retainage.
- Previous Payments: The total amount of payments previously made to the contractor.
- Current Payment Due: The amount currently being requested by the contractor, after accounting for previous payments and retainage.
- Certification: The architect's certification that the work has been completed as claimed and that the payment is justified.
G702 and G703
- AIA G702: The "Application and Certificate for Payment" form used by contractors to request progress payments. It includes a summary of the contract sum, work completed, and payments due.
- AIA G703: The "Continuation Sheet" that provides a detailed breakdown of the work completed and the costs associated with each line item. It supports the AIA G702 form by itemizing the payment request.
AIA G702 Instructions
- Contract Information: Fill in the basic contract information, including the project name, project number, and the contractor's name and address.
- Contract Sum: Enter the original contract sum as agreed upon at the start of the project.
- Change Orders: Include any approved change orders that modify the original contract sum.
- Work Completed: Calculate the total value of the work completed to date, including any materials stored on-site.
- Retainage: Enter the amount of retainage withheld from the total earned.
- Previous Payments: Subtract the total amount of previous payments from the total earned less retainage.
- Current Payment Due: Calculate the current payment due by subtracting the previous payments from the total earned less retainage.
- Certification: Obtain the architect's certification that the work has been completed as claimed and that the payment is justified.
- Submit for Approval: Submit the completed AIA G702 form to the project owner for approval and payment.
AIA G702 Free Template
AIA G702 forms part of a suite of documents standardized by the AIA to streamline and standardize the administration of construction contracts and project management tasks and is protected by copyright and not free. For more information or to obtain the AIA G702 form, interested parties can visit the official American Institute of Architects website or authorized distributors of AIA contract documents.
Alternatively, utilize Mastt's free Pay Application Template and Continuation Sheet Template.
