How To Bill Retainage On Aia Form G703. Ad purchase your aia certificate of substantial completion here. A subcontractor signs a $10,000 contract specifying a retainage percentage of 10% on each invoice.
09. Progress Payments CM II
Web to start with, a typical aia billing application for contractors will be based on two different documents working together. However, they are frequently the source of delayed pay apps and other issues. Pay app #1 page 1 (g702) 1. This line item setup includes description of work, scheduled value and retention. There's not too much required here. Get the latest aia g704 that is well balanced and industry trusted. Web you can establish the line items required in the detail section of the aia bill (form g703). Web you can read our full guide on how to fill out the aia g703 continuation sheet here. Web these two aia documents work alongside each other. Web how contractors use retainage?
Web the header section asks for some basic application and project information. The g703 contains all the specific information about the amounts included in the pay apps. Web completing an aia using a g702/g703 excel template: Open the excel template, go to file, and save as a new file 2. The final column on the continuation sheet is reserved for retainage. Web how contractors use retainage? Web our interpretation of aia contract documents document payment application procedure g703 continuation sheet is: At the 50% completion milestone. These are the g702 application for payment. However, they are frequently the source of delayed pay apps and other issues. Web aia document g702®s, application and certification for payment, subcontractor version, containing subcontractor’s signed certification is attached.
