What is AIA G703?
AIA G703 is a continuation sheet that itemizes and details the components of the work for which payment is requested. It breaks down the Project into specific line items, allowing for precise tracking of work completed, stored materials, and costs incurred. Submitted with the AIA G702, it provides a comprehensive view of the payment application, ensuring all parties understand the progress and associated costs.
About AIA Document G703
AIA G703 offers a systematic way to present details of the work performed and the costs associated with each aspect of the project. It maintains transparency and accountability, making it easier for the Project Manager and the project owner to review and approve payment applications. By itemizing the work and costs, AIA G703 ensures all payments are justified and documented accurately.
AIA G703 Summary
Overview of the key features and uses of the AIA G703 include:
- Line Item Description: Detailed descriptions of each work component or task.
- Scheduled Value: The original amount allocated for each line item in the Project Budget.
- Work Completed: Costs associated with work completed to date, including previous applications and the current application.
- Stored Materials: Costs for materials stored on-site but not yet incorporated into the work.
- Total Completed and Stored: The sum of the work completed and stored materials.
- Percentage of Completion: The percentage of each line item that has been completed.
- Balance to Finish: The remaining amount needed to complete each line item.
- Retainage: The portion of the payment withheld until the project or specific milestones are completed.
AIA G702 and G703
- AIA G703: The continuation sheet that provides a detailed breakdown of the work completed and costs associated with each line item. It supports the AIA G702 by itemizing the payment request.
- AIA G702: The Application and Certificate for Payment form that summarizes the total amount due for the current payment period, including the contractor's certification and the architect's approval.
AIA G703 Instructions
- Project Information: At the top of the form, fill in the project name, project number, and other relevant information to identify the project.
- Line Item Breakdown: List each work component or task as a separate line item. Provide a detailed description for clarity.
- Scheduled Value: Enter the original amount allocated for each line item in the project's budget.
- Work Completed: Document the costs associated with the work completed to date. This should include both the previous applications and the current period.
- Stored Materials: Record the costs for materials that are stored on-site but have not yet been used in the construction.
- Total Completed and Stored: Calculate the sum of the work completed and the stored materials for each line item.
- Percentage of Completion: Determine the percentage of each line item that has been completed to date.
- Balance to Finish: Calculate the remaining amount needed to complete each line item by subtracting the total completed and stored from the scheduled value.
- Retainage: Specify the retainage amount, which is the portion of the payment withheld until the project or specific milestones are completed.
- Review: Double-check all entries for accuracy. Ensure that all amounts are correctly calculated and that descriptions are clear.
- Submission: Submit the completed AIA G703 form along with the AIA G702 to the project owner for review and approval.
AIA G703 Free Download
AIA G703 forms part of a suite of documents standardized by the AIA to streamline and standardize the administration of construction contracts and project management tasks and is protected by copyright and not free. For more information or to obtain the AIA G703 form, interested parties can visit the official American Institute of Architects website or authorized distributors of AIA contract documents.
Alternatively, utilize Mastt's free Pay Application Template and Continuation Sheet Template
