What is an AIA g702? The AIA G702 serves as both the contractor’s application and the architect’s certification. Its use can expedite payment and reduce the possibility of error. This document is often referred to an AIA billing form, progress billing form, payment app, or pay app.
What is AIA G703? AIA G703, the continuation sheet, is your running record of the work required by your contract, its identifiable parts, and your progress each month on each item. This is the record of your scope of work, so any change orders require yet another form.
How do you bill out Retainage on AIA form? Take our $10,000 line-item example and assume there is 5% retainage on it.
If you’re 10% complete with that item, you would bill $950 and hold $50 in retainage.
If you were to bill another 10% of that line item on each application, another $50 would be held in retainage each time.
What does AIA stand for in billing? The AIA billing system is a standardized method of construction percentage of completion contract billing (IE: Progress Billing) developed by the American Institute of Architects (AIA) in 1992.
What is an AIA g702? – Related Questions
How do I make an AIA payment?
Homepage: Click on “Pay Online”
Homepage: Select MY AIA from the top panel > click “Pay Online”
Homepage: Scroll down to My Plans and select one of your policies > Click “Update Payment Details” > Select “Make A Payment”
What is an AIA schedule of values?
A Schedule of Values, or SOV, is a list of every work item on a project, along with each item’s value or cost. According to the standardized contract documents from the American Institute of Architects (AIA), “The schedule of values shall allocate the entire contract sum among the various portions of the work.”
What is a G707?
Select # of users. AIA Document G707™–1994 is intended for use as a companion to AIA Document G706™–1994, Contractor’s Affidavit of Payment of Debts and Claims, on construction projects where the contractor is required to furnish a bond.
What is retainage payable?
Retainage is a portion of the agreed upon contract price deliberately withheld until the work is substantially complete to assure that contractor or subcontractor will satisfy its obligations and complete a construction project.
How do AIA Documents work?
AIA contracts and forms are consensus documents that reflect advice from practicing architects, contractors, engineers as well as owners, surety bond producers, insurers, and attorneys. AIA documents balance the interests of all the parties, so no one interest, including that of the architect, is unfairly represented.
What is an AIA pay application?
An AIA is a document that contains completed contract billing throughout the project; this document was created mainly to assist architects working on a construction project to be paid for the work completed on the project.
Which AIA contract should I use?
For more complex projects, parties should consider using one of the following AIA owner/architect agreements: B101–2017 or B103™–2017. For smaller and less complex projects, parties may wish to consider B105™–2017, Standard Short Form of Agreement Between Owner and Architect.
How do I check my AIA policy?
Just follow these 3 simple steps:
Register and/or login to your MY AIA account.
Upon logging in, click on My Statements & Letters.
On the View Statement page, click on Policy Statements. Then select the Name and Year of the premium / contribution statement to view and print the statement.
What does AIA mean?
American International Assurance
American International Assurance.
by Kartini Saparudin.
First established in Singapore in 1931 as International Assurance Co.
Ltd.
(INTASCO), AIA Singapore is now a leading life insurance company in the Asia-Pacific region.
How do I change my AIA payment method?
Select.
1) After you have login to MY AIA, on the Homepage, click ‘My Profile’
NOTE: If you have not registered for MY AIA, please refer to.
2) Select ‘My Payments’, and under the ‘Overview’ tab, click on ‘Change Payment Cycle’
3) Select your Preferred Payment Cycle and click ‘Next’
Alternative Payment Cycle.
How do I get an AIA guarantee letter?
How do I request for a Letter of Guarantee (LOG) via My AIA App
Can you pay AIA with credit card?
Make online payments using your Visa/MasterCard debit or credit card: Steps to pay via My AIA App are available here and enclosed.
Does QuickBooks do AIA billing?
Several apps that integrate with QuickBooks Online have AIA billing features. These apps include: Knowify for Contractors.
What should be included in a schedule of values?
However, the general format to expect will include columns with the following details:
The description of each item of work.
The total cost for each item.
What you’ve been paid to date on the work, from prior billing periods.
The percentage of the work that’s been completed.
Your costs for the current billing period.
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What is a schedule of values breakdown?
The Schedule of Values / Cost Breakdown is a detailed statement furnished by the Contractor outlining the components of the contract sum. For Minor and Major projects, the Schedule of Values is provided in the form of a spreadsheet, and is used as the basis for submitting and reviewing payment applications.
What is SOV in project management?
A Schedule of Values (SOV) is a detailed schedule apportioning the original contract sum and all change orders, among all cost code divisions or portions of the work. Schedule of Values can only be changed with approved Budget Transfer process in project accounting software, or by Change Order.
What is the purpose of a schedule of values on a bid form?
A properly set out schedule of values will make the evaluation of the status of progress easier to determine and any amendments made by the consultant easier to explain to the owner and the contractor.
