Documents G702®CW-2021, Application and Certificate for Payment for Cost of the Work Projects without a Guaranteed Maximum Price; G702®GMP-2021, Application and Certificate for Payment for Cost of the Work Projects with a Guaranteed Maximum Price; and G703CW–2021, Continuation Sheet for Cost of the Work Projects are forms on which a contractor can apply for payment, and an architect can certify payments are due, on a project where the basis of payment to the contractor is the cost of the work plus a fee. G702GMP-2021 should be used on cost of the work projects that have a guaranteed maximum price, while G702CW-2021 should be used on cost of the work projects that do not have a guaranteed maximum price.
G702CW-2021, G702GMP-2021, and G703CW–2021 are not intended to replace AIA Documents G702®-1992, Application and Certificate for Payment and G703®-1992, Continuation Sheet. Rather, they are modified versions tailored for cost of the work projects.
G702CW-2021, G702GMP-2021, and G703CW–2021 should be used on cost of the work projects where the parties intend to show, through the continuation sheet, how actual costs differ from estimated costs and where funds may have been shifted or reallocated between line items in each application for payment. The AIA does not publish a standard schedule of values form, although the G703-1992 and G703CW–2021 continuation sheets are often referred to as a schedule of values.
Like the G702-1992 and G703-1992, these forms require the contractor to show the status of the contract sum to date, including the total dollar amount of the work completed and stored to date, the amount of retainage (if any), the total of previous payments, and the amount of current payment requested. For each portion of the work, G703CW–2021 requires the contractor to show the original estimated value (column C1), the change in value from previous applications (column C2), the change in value in this pay period (column C3), and the current value (column C4).
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Heading. This information should be completed in a manner consistent with similar information on AIA Document G702CW-2021 or AIA Document G702GMP-2021.
Columns A and B. These columns should be completed by identifying the various portions of the Project and their scheduled values consistent with the schedule of values submitted to the Architect at the commencement of the Project or as subsequently adjusted. The breakdown may be by sections of the Work or by Subcontractors and should remain consistent throughout the Project. Multiple pages should be used when required.
Column C1. Column C1 should be subtotaled at the bottom when more than one page is used and totaled on the last page. For projects with a Guaranteed Maximum Price, the total of column C should be the total Guaranteed Maximum Price at the outset of the Project. For projects without a Guaranteed Maximum Price, the total should be the original control estimate of the Cost of the work.
Column C2 & C3. Column C2 should be used to show any changes in the scheduled value of each portion of the work from previous applications for payment. Column C3 should be used to identify any changes in the scheduled value for each portion of the work that occurred during this period.
Column C4. Column C4 should be used to show the current scheduled value of each portion of the work as of the current application for payment.
Column D. Enter in this column the amount of completed work covered by the previous application (columns D & E from the previous application). Values from column F (Materials Presently Stored) from the previous application should not be entered in this column.
Column E. Enter here the value of work completed at the time of this application, including the value of materials incorporated in the project that were listed on the previous application under Materials Presently Stored (column F).
Column F. Enter the value of Materials Presently Stored for which payment is sought. The total of the column must be recalculated at the end of each pay period. This value covers both materials newly stored for which payment is sought and materials previously stored which are not yet incorporated into the project. Mere payment by the Owner for stored materials does not result in a deduction from this column. Only as materials are incorporated into the Project is their value deducted from this column and incorporated into column E (Work Completed—This Period.)
Column G. Enter the total of columns D, E, and F. Calculate the percentage completed by dividing column G by column C.
Column H. Enter the difference between column C (Scheduled Value) and column G (Total Completed and Stored to Date).
Column I. This column is normally used only for contracts where variable retainage is permitted on a line-item basis. It need not be completed on projects where a constant retainage is withheld from the overall contract amount.
Change Orders. Although Change Orders could be incorporated by changing the schedule of values each time a Change Order is added to the Project, this is not normally done. Usually, Change Orders are listed separately, either on their own G703®CW form or at the end of the basic schedule. The amount of the original contract adjusted by Change Orders is to be entered in the appropriate location on the G702GMP form, if applicable.
Construction Change Directives. Amounts not in dispute included in Construction Change Directives should be incorporated into one or more Change Orders. Amounts remaining in dispute should be dealt with according to Section 7.3 of AIA Document A201®.
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