eBook: Learn About AIA Billing & How To Fill Out an AIA G-702/G-703
Learn About AIA Billing & how to fill out an AIA G-702/G-703 so that you can be paid on time!
Quite frequently, in the construction industry, it is a requirement that you submit your progress billings on AIA Forms G-702/G-703.
The AIA billing system was developed to provide a standardized method of submitting job related paperwork to send to architects and others by a contractor in order for the contractor to be paid for work performed on a construction project.
Typically, the AIA Billing System consists of two forms or pages:
- G-702 Contractors Application for Payment
- G-703 Continuation Sheet
These forms serve as both the contractors application for current payment due and the architect’s certification that payment is due to the contractor. Its use can expedite payment and reduce the possibility of errors.
If the application is properly completed and acceptable to the architect, the architect’s signature certifies to the owner that a payment in the amount indicated on Line 8 of the G-702 is due to the contractor. This form allows the architect to certify an amount different than the amount applied for, with explanations provided by the architect as to why the amount is different.
Most anyone will tell you that completing the AIA G-702 and G-703 forms by hand is frustrating and difficult. To fill out one correctly, you pretty much have to:
- forget about any basic accounting principals you’ve ever learned
- ignore change orders that have been submitted or approved, but not processed
- ignore money that is still outstanding from previously submitted applications for payment
You need to realize that the payment applications that you submit are an important piece of your overall cash flow management. When your payment applications get screwed up – -bad things happen; none of which put you in “good standing” with the General Contractor or Project Owner, and can ultimately damage your company’s overall cash position.
Learn how to fill out an AIA G-702 & G-703 billing form with our AIA Billing Training Exercise. 38 pages. This eBook contains everything you’ll need to learn how to complete these billing forms correctly; including a sample AIA training exercise that walks you through, from start to finish, how to complete an AIA G-702 & G-703 form.
Purchase your copy of our AIA Billing Training Exercise for $25.00.
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