This is a standard form for use when a surety company is involved and the owner/contractor agreement contains a clause whereby retainage is reduced during the course of the construction project. When duly executed, AIA Document G707A–1994 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 »
General. The Owner-Contractor Agreement is the usual source of required information such as the contract date and the names and addresses of the Owner, Project, and Contractor.
Architect’s Project No. This information is typically supplied by the Architect and entered on the form by the Contractor.
Contract For. This refers to the scope of the contract, such as “General Construction” or “Mechanical Work.”
Executing the Document.
AIA Document G707A requires both the Surety’s seal and the signature of the Surety’s authorized representative.
Modifications. Particularly with respect to professional or contractor licensing laws, building codes, taxes, monetary and interest charges, arbitration, indemnification, format and font size, AIA Contract Documents may require modification to comply with state or local laws. Users are encouraged to consult an attorney before completing or modifying a document.
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