What is the AIA G702 Form?
The G702, also called the Application for Payment, provides a summary view of a project’s financials. It shows how much work has been completed, how much has already been paid, and how much is currently due.
- Summarizes contract value, completed work, and retainage
- Displays total paid to date and balance due
- Helps owners and lenders verify project status
What is the AIA G703 Form?
The G703, or Continuation Sheet, breaks the project into detailed line items. Each item is tied to a Schedule of Values (SOV), making it easy to see progress and associated costs.
- Detailed breakdown of labor, materials, and tasks
- Connects to the Schedule of Values (SOV)
- Shows percent complete and billing for each line item
How G702 and G703 Work Together
These forms are designed to be used side by side. The G702 provides a high-level summary, while the G703 supports it with itemized details. Together, they give contractors, owners, and lenders a complete picture of project billing.
- G702 = project summary
- G703 = detailed breakdown
- Used together to request payment and track retainage
Challenges with G702 & G703 Forms
While these forms improve transparency, they can be complex to manage manually. Small errors often cause approval delays or disputes.
- Time-consuming to complete by hand
- Math errors can delay approval
- Tracking retainage across projects is difficult
- Paper forms create audit challenges
How Software Simplifies G702 & G703
Werx AIA billing software automates these forms, helping contractors save time and reduce mistakes. Contractors can generate both documents instantly and sync billing directly to accounting.
- Build and update Schedules of Values (SOVs) easily
- Auto-calculate retainage and balances
- Generate professional G702 & G703 forms in minutes
- Integrate with QuickBooks Online for accuracy
FAQs About AIA Forms G702 & G703
Do I need both G702 and G703 forms?
Yes. The G702 summarizes billing totals, while the G703 provides the detailed line items to support those totals. They are used together to ensure accuracy and transparency.
What is a Schedule of Values (SOV)?
An SOV is a detailed breakdown of a construction contract into individual items of work. Each line in the G703 ties back to the SOV to show progress and billing by task.
Can small contractors use AIA forms?
Yes. While often required on large commercial projects, many small and midsized contractors use AIA forms to improve billing transparency and meet lender or owner requirements.
TL;DR Recap
- G702: Application for Payment (summary form)
- G703: Continuation Sheet (detailed breakdown)
- Forms work together to document progress and retainage
- Werx automates AIA Billing with instant forms, QuickBooks sync, and reduced errors
