DSM has the capability of producing both the statndard AIA G702 and G703 forms.. Set up the job site in the job site table. The AIA G702 Application and Certificate for Payment is one of the most widely used pay applications in construction. Once the architect does accept your G702 as being accurate then he/she provides documentation to the owner stating that it's okay to pay the contractor. The # 1 construction billing software. It’s important to fill these forms out as accurately as possible, since they build on one another throughout the project. To start with, a typical AIA billing application for contractors will be based on two different documents working together. A Quick Intro to AIA Billing. . Retention or retainage in construction is a common method of protecting the owner from paying for incomplete processes or materials. Retainage. AIA billing forms can also be referred to as: - “Pay-App”, short for Application for Payment - “Pay Req” or “Req”, short for Requisition In this video guide, we’ll walk you through each section of the AIA G702 SUBCONTRACTOR'S APPLICATION FOR PAYMENT Application is made for payment, as shown below, in connection with the Contract. We do not suggest that you use Batch Entry to generate any Retention Billing. We do not suggest that you use Batch Entry to generate any Retention Billing… Purpose and Related Documents. It’s important to fill these forms out as accurately as possible, since they build on one another throughout the project. PROGRESS BILLINGS: o Submit your bill by the 20th of the month projecting through the last day of the month. o Submit invoice on the AIA G702 & G703 Form or equivalent provided with your Subcontract Agreement. Get the G702… Your contract should provide detail about the retainage percentage, which typically falls somewhere between 5% and 10 %. In today's competitive construction market, the success of your company relies more than ever on having the proper tools to generate quick, accurate billing … Assuming 10% retention and $50,000 of completed work, write down $5,000. The G702 requires the contractor to show: The status of the contract sum to date, including the total dollar amount of the work completed and stored to date; The amount that's being/been retained if any Line 5 … Line 5b, _% of Stored … Learn About AIA Billing & how to fill out an AIA G-702/G-703 so that you can be paid on time!. Write down whichever rate is contracted next to the "b.".

The value on the G702 Line 3 should equal the total of the G703 column C. If the G702 Line 3 & Line 7 are correct, all other data will transfer to the G702 …