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Home>Documents>Legal>Corporate Law>Contracts>AIA Application for Payment G702 1992

AIA Application for Payment G702 1992

The AIA Application for Payment G702 form is essential for contractors seeking payment for completed work. It includes detailed sections for contract sums, completed work, and payment due. Ensure accurate completion to facilitate timely processing of payments.

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How do I fill this out?

Filling out the AIA Application for Payment requires careful attention to detail. Begin by gathering all necessary project and payment information. Ensure all completed work is documented accurately before submitting the form.

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How to fill out the AIA Application for Payment G702 1992?

  1. 1

    Gather your original contract sum and any change orders.

  2. 2

    Calculate the total completed and stored work to date.

  3. 3

    Determine retainage amounts based on the completed work.

  4. 4

    Subtract any previous certificates for payment from total earned.

  5. 5

    Provide the current payment due and balance to finish.

Who needs the AIA Application for Payment G702 1992?

  1. 1

    Contractors who need to request payment for completed work.

  2. 2

    Project owners who require documentation of payment status.

  3. 3

    Architects who need to verify and certify payment applications.

  4. 4

    General contractors responsible for managing subcontractors' payment requests.

  5. 5

    Construction project managers overseeing project cash flow.

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    Download the finished PDF to your device for distribution.

What are the instructions for submitting this form?

To submit the AIA G702 form, ensure all sections are accurately filled out. You can email the completed document to the appropriate parties outlined in your contract. Review the submission guidelines specific to your project for any additional requirements.

What are the important dates for this form in 2024 and 2025?

The AIA G702 form is relevant for construction projects beginning in 2024 and continuing into 2025. Key dates related to project milestones should be noted by all stakeholders to ensure timely submissions. Pay attention to contract deadlines and payment intervals.

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What is the purpose of this form?

The purpose of the AIA Application for Payment G702 form is to formally request payments for work completed under a construction contract. It serves to document the financial processes between contractors, architects, and project owners. Completing this form accurately ensures that all parties are in agreement regarding the payment terms and current project status.

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Tell me about this form and its components and fields line-by-line.

The AIA G702 form contains critical fields for managing payment applications. Each component must be filled out to reflect the project's financial status accurately.
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  • 1. Original Contract Sum: The initial agreed-upon total for the completion of the work.
  • 2. Net Change by Change Orders: Adjustments made to the contract sum through change orders.
  • 3. Total Completed & Stored to Date: The sum of all completed work and stored materials to date.
  • 4. Retainage: The portion of payment withheld to ensure contract completion.
  • 5. Total Earned Less Retainage: The total payment earned after deducting any retainage.
  • 6. Current Payment Due: The amount the contractor is requesting for the current payment period.
  • 7. Balance to Finish: The remaining amount necessary to complete the contract.

What happens if I fail to submit this form?

Failing to submit the AIA G702 form can result in delayed payments and complications in project financing. It is crucial to adhere to deadlines to avoid financial discrepancies.

  • Delayed Payments: Without submission, contractors may not receive timely payments.
  • Compliance Issues: Failure to submit may lead to contractual non-compliance.
  • Loss of Project Momentum: Delays in payments may hinder progress on ongoing projects.

How do I know when to use this form?

Use the AIA G702 form whenever you need to request payment for work completed or materials stored. It is essential during each billing cycle of a construction project to ensure all parties are informed and in agreement.
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  • 1. Monthly Billing: Utilize this form for monthly payment requests for ongoing projects.
  • 2. Change Order Requests: Employ the form when documenting changes that affect the contract amount.
  • 3. Final Billing: Submit the form as part of the final payment process upon project completion.

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Can architects use this form for billing?

Yes, architects can certify payments using the AIA G702 form.

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