Edit, Download, and Sign the Application and Certificate for Payment AIA G702
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How do I fill this out?
Filling out this form requires specific information related to your construction project. Begin by gathering the original contract sum and any approved change orders. Be sure to complete each section accurately to ensure prompt payment.
How to fill out the Application and Certificate for Payment AIA G702?
1
Input the original contract sum on line 1.
2
Add any net changes by change orders to determine the contract sum to date.
3
Calculate the total completed and stored work to date.
4
Determine the retainage and total earned less retainage.
5
Fill out any previous certificates for payment to find the current payment due.
Who needs the Application and Certificate for Payment AIA G702?
1
Contractors need the AIA G702 to request payments from owners.
2
Owners use this document to manage and authorize payment to contractors.
3
Architects require this form to certify the work completed on-site.
4
Project managers utilize the G702 for tracking project finances.
5
Accountants need the G702 to ensure compliance with financial documentation.
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What are the instructions for submitting this form?
To submit the AIA G702, ensure all sections are complete and accurate. Email the form to the owner and architect for approval. Alternatively, you can fax the completed form to the respective parties or send it by traditional mail to the indicated addresses.
What are the important dates for this form in 2024 and 2025?
Important dates for the AIA G702 in 2024 include submission deadlines for quarterly contracts. Ensure that forms are submitted before project milestones for timely payments. For 2025, keep an eye on contract renewals and budget approvals.
What is the purpose of this form?
The purpose of the AIA G702 form is to facilitate the process of payment applications in construction projects. It provides a structured format for contractors to claim payments based on completed work, ensuring transparency and accountability. By using this form, all parties involved in the contract can maintain clear communication regarding financial transactions.
Tell me about this form and its components and fields line-by-line.
- 1. Original Contract Sum: The total sum agreed upon in the original contract.
- 2. Net Change by Change Orders: Any increases or decreases in the contract sum due to change orders.
- 3. Total Completed and Stored to Date: The total amount of work completed and materials stored as of the application date.
- 4. Retainage: The portion of payments that are withheld until project completion.
- 5. Total Earned Less Retainage: Total amount earned minus any retained amounts.
- 6. Current Payment Due: The payment that is currently due to the contractor.
- 7. Architect's Certification: A confirmation from the architect regarding the completed work.
What happens if I fail to submit this form?
Failing to submit the G702 form may delay payments and cause disputes. It is crucial to ensure that this form is submitted accurately and on time to avoid any financial discrepancies.
- Delays in Payment: Without proper submission, contractors may experience payment delays.
- Disputes with Owners: Incorrect or missing information can lead to disputes between contractors and owners.
- Impact on Project Cash Flow: Inaccurate financial records can affect the overall budget and cash flow of the project.
How do I know when to use this form?
- 1. Periodic Payment Applications: Use the G702 for regular payment requests throughout the project.
- 2. Change Order Requests: Employ the G702 when submitting change orders that affect payment.
- 3. Final Payment Claims: Utilize the G702 when requesting final payment upon project completion.
Frequently Asked Questions
What is the AIA G702 form?
The AIA G702 form is an official document used by contractors to request payments for completed work in construction projects.
How do I fill out the G702?
Filling out the G702 involves inputting project details, original contract sums, and calculations for payments due.
Can I edit the G702 once completed?
Yes, you can easily edit the G702 using PrintFriendly’s online editing tools.
Is it necessary to have an architect sign the G702?
Yes, the architect’s signature is necessary to certify the work completed on-site.
How do I submit the completed G702?
You can submit the G702 via email, fax, or physically to the relevant parties.
Can I share the G702 with others?
Absolutely! PrintFriendly allows you to share the G702 with others for collaboration.
What if I make a mistake on the G702?
You can edit the document before submission to correct any mistakes.
Do I need a special software to edit the G702?
No, you can use PrintFriendly's built-in tools to edit the document easily.
What is the purpose of the retainage section?
The retainage section helps to manage and withhold a certain percentage of payment until project completion.
Is the G702 form negotiable?
No, the G702 form is not negotiable and is intended for specific payment requests.
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