What is AIA Document G702?
What is AIA Document G702?
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. Its use can expedite payment and reduce the possibility of error.
What is the difference between AIA G702 and G703?
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. G702-1992 serves as both the contractor’s application and the architect’s certification. Its use can expedite payment and reduce the possibility of error.
What is an AIA schedule of values?
A Schedule of Values, or SOV, is a list of every work item on a project, along with each item’s value or cost. According to the standardized contract documents from the American Institute of Architects (AIA), “The schedule of values shall allocate the entire contract sum among the various portions of the work.”
How do AIA documents work?
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.
What is G703 continuation sheet?
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 the purpose of the AIA?
The American Institute of Architects (AIA) works to advance our nation’s quality of life and protect the public’s health, safety and welfare, as it has done for 160 years. Each day AIA members across the country and throughout the world create the places where people live and learn, work, and play.
What is the purpose of an AIA document?
The documents produced by The American Institute of Architects (AIA) are the most widely used standard form contracts in the construction industry. They facilitate communications among all the parties involved in construction, which makes it easier to produce a high quality project in a timely and economical fashion.
What is the continuation sheet for AIA Document g702?
Synopsis. 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.
When to use G703 in conjunction with g702?
The G703 Continuation Sheet must be used in conjunction with the G702 form. It breaks the the contract down into portions of work using a schedule of values that is included in the general conditions.
Which is the AIA contractor form for payment?
The AIA contractor form G702™ Application and Certificate for Payment is the form that the contractor uses to invoice on the project when AIA© forms are required. Click the image below to get your copy of fill-in-able AIA-Style G702 and G703 forms.
How to calculate completion rate on AIA G703?
To get this number, take the value in column G (total completed and stored to date) and divide it by column C (scheduled value). This will give you the percentage of completion for each line item. This column will tell you how much money you’ll need to finish the work in each line item.