How to fill out the AIA G702 Application amp Certificate for Payment

>> YOUR LINK HERE: ___ http://youtube.com/watch?v=LkZByVMWIG8

Follow this step-by-step tutorial to make sure you get paid with your AIA G702 pay app, and learn more about construction pay apps at https://www.levelset.com/pay-applicat.... • Click the following links for related videos. • How to fill out the AIA G701 Change Order form: • How to fill out the AIA G701 Change O... . • How to fill out the AIA G703 Continuation Sheet: • How to fill out the AIA G703 Continua... . • [best of transcript] • -What is a construction pay application? • It is a document sent on a construction project to summarize work and request payment. Once the architect or owner certifies it, they will issue payment to you. • -What information is the AIA G702 Application Certificate for Payment asking for? • At the top of the form, you can see the section asking for basic information about the project, which should be pretty easy for you to find. • The right side of the top section is referring to the pay application and the contract itself. • “Application number”: which application this is. • “Period to”: the last date of the billing period that the the application covers. • “Contract for”: a brief description of the labor or materials you are providing, along with the date the contract was signed and the project number, if there is one. • • Part II: “contractor’s application for payment.” • “Original contract sum”: the original contract price. • “Net change by change orders”: calculate this number by filling out the “Change Order Summary” table at the bottom, left-hand side of the form. • “Contract sum to date”: to get this number, add line 2, the net change by change orders, to line 1, the original contract sum. • “Total completed and stored to date”: you’ll need the AIA G703 Continuation Sheet to complete it in order to get the total for line 4. Watch the G703 video guide here: • “Retainage”: write the amount of the percentage withheld on lines 5a and 5b. Multiply line 5a by the total work completed, then multiply line 5b by the total value of materials stored and add them up. That number is the full amount of retainage that has been withheld up until this point. • “Total earned less retainage”: take the work completed and materials stored amount on line 4 and subtract the total amount of retainage calculated on line 5. • “Less previous certificates for payment”: subtract previous payments that you have already received. • “Current payment due”: to get this figure, subtract line 7 from line 6. • “Balance to finish, including retainage”: subtract the total contract sum to date on line 3 from the “total earned less retention” on line 6. • Last, we have the change order summary table at the bottom. The first line requires all approved change orders prior to the current billing period, and the second line will include any approved change orders occurring during the current billing cycle. • -What are the rules regarding signature and notarization of the AIA G702 Application and Certificate for Payment? • The standard document requires notarization on each pay app, so don’t sign that pay app until you’re in front of a notary public! However, if both parties agree that notarization isn’t necessary, they can amend the contract, in which case you won’t need to sign it in front of a notary. • -What should I do with the bottom, right-hand section, the Architect’s Certificate for Payment? • As a contractor submitting the pay app, you should leave this section blank. The architect, project manager, or property owner will fill out this section. • Levelset helps contractors and suppliers get payment under control, and sees a world where no one loses a night’s sleep over payment. • Over 500,000 contractors and suppliers connect on Levelset’s cloud-based platform to make payment processes stress-free. Users easily exchange payment documents like lien waivers, pay applications, and preliminary notices, they see a complete picture of who is on their job, and are empowered with the resources and knowledge they need to be confident in payment. The results are faster payments and fewer surprises. • Levelset is venture-backed by S3 Ventures, Altos Ventures, and Brick Mortar Ventures. Headquartered in New Orleans with offices in Austin and Cairo, Egypt, Levelset employs more than 150 people. For more information about Levelset, visit www.levelset.com or call 866-720-5436.

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