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When duly executed, Document G707A1994 assures the owner that such reduction or partial release of retainage does not relieve the surety of its obligations. For all document details and a record of changes, see the summary
The American Institute of Architects () produces some of the most widely-used contracts in the construction industry. When contractors work on a project that uses these documents, they need to follow the billing process in order to invoice for their work and get paid.
In this section, you write the amount of the percentage withheld in 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 is withheld through the current application.
Document G7031992 breaks the contract sum into portions of the work in ance with a schedule of values prepared by the contractor as required by the general conditions. NOTE: The does not publish a standard schedule of values form. When to use. Any size project.
For example, if the complete project cost is $200,000 to be paid in five progress payments and the percentage to be retained is 5%, the calculation would be as follows: 200,000 x 0.05 = 10,000 total retainage amount. 10,000 divided by 5 = 2,000 retainage withheld from each progress payment.

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Contract Documents publishes the following: G7071994, Consent of Surety to Final Payment intended for use as a companion to Document G7061994, Contractors Affidavit of Payment of Debts and Claims, on construction projects where the contractor is required to furnish a bond.
The G702 is an application filed by the contractor and is bundled with supporting documentation. Once it is certified by the architect, payment will be sent to the contractor. Next, is the G703 Continuation Sheet. The G702 and G703 are used together to help keep projects on track.
This can be used in a couple of different ways. Variable retainage can mean that withheld amounts are reduced over the length of the contract, or even paid out entirely once the contractors portion of work is complete. Or it could mean that a different rate applies to labor and materials.

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