Top 5 Mistakes to Avoid on Your AIA G702 Payment Application

If you are operating in production, you already know how crucial the AIA G702 form is. It’s no longer simply another file-it's the backbone of your pricing application method. But even professional contractors and designers stumble when filling it out, and small mistakes can lead to severe delays in getting paid. Let’s break down the pinnacle 5 mistakes to keep away from and keep your cash flow clean and steady.

1. Inaccurate Billing Periods 

One of the maximum common oversights is putting the wrong billing length for your shape. This small mistake can trigger large troubles, like fee disputes or misaligned economic statistics. Make sure your billing start and cease dates line up with the work completed through that cycle.

Tip: Double-check your mission schedule earlier than submitting. 

2. Overbilling Beyond Work Completed 

Everyone desires to get paid; however, overestimating the share of work completed can lead to rejection or disputes. The AIA G702 is approximately accurate and agrees with. If you claim more than what's definitely been performed, you risk credibility and destiny payments.

3. Forgetting to Attach the AIA Form G703 

The AIA Form G702 isn't a standalone record. It needs the AIA Form G703, which breaks down the fee software into certain line objects. Forgetting this attachment is like turning in a check without showing your work. It’ll maximum likely come right returned to you unapproved.

4. Not Including Retainage Calculations 

Retainage-the part of the price held until final finishing touch—is a vital part of the fee manner. If your calculations don’t certainly reflect this, it can confuse the owner or architect reviewing the application. Always in reality kingdom the retainage percentage and subtract it correctly.

5. Missing Signatures or Dates 

This may also sound fundamental, however, it’s shockingly common: forgetting to sign or date the shape. An unsigned AIA G702 is taken into consideration incomplete and invalid. It’ll put off approval and, worse, push your Payment Cycle.

Conclusion 

Avoiding these five common mistakes can be the difference between a smooth, well-timed price and an irritating put-off that stalls your whole task. The AIA G702 shape isn’t simply office work—it’s your respectable request for the money you've rightfully earned. That approach accuracy is not elective—it's crucial.

By ensuring each detail is accurate-billing intervals, retainage calculations, signatures, and required attachments—you’re now not simply fending off mistakes; you’re building accept as true with customers, architects, and project managers. A single overlooked mistake ought to push your charge into the following cycle or lead to a denial altogether. 

Remember: This isn’t just about bureaucracy-it’s approximately your cash flow, recognition, and continued fulfillment in an aggressive enterprise. So whilst unsure, sluggish down and double-take a look at. Your bottom line depends on it, and your peace of mind is really worth the extra effort.

Call to Action 

Struggling with difficult fee packages or uninterested in chasing down approvals?

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Don’t allow paperwork to stand in the way of your profits. Contact us today to simplify your payment procedure and make certain every software is completed properly, the first time.