Summary: G702®GMP – 2021, Application and Certificate for Payment for Cost of the Work Projects with a Guaranteed Maximum Price

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Synopsis

Related Documents

Differences between G702®-1992 and G702GMP-2021

 

Synopsis.

AIA Documents G702CW-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 G703®CW–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 G70®CW–2021 are not intended to replace AIA Documents G702-1992, Application and Certificate for Payment and G703-1992, Continuation Sheet. Rather, they are modified specifically 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).

For use and execution of a document, see its instructions »

 

AIA Document G702GMP-2021 should be used with G703CW–2021, Continuation Sheet for Cost of the Work Projects. This pairing of documents is intended for use on projects where the contractor has a direct agreement with the owner where the basis of payment to the contractor is the cost of the work plus a fee with a guaranteed maximum price. Procedures for their use are covered in AIA Document A201®, General Conditions of the Contract for Construction.

G702GMP–2021 should not be used with G703-1992, Continuation Sheet.

 

Differences between G702-1992 and G702GMP-2021.

G702GMP–2021 is based on the G702-1992, Application and Certificate for Payment, but contains modifications to indicate that the contract between the owner and contractor contains a guaranteed maximum price. Item 1 in G702GMP–2021 states “Original Guaranteed Maximum Price” rather than “Original Contract Sum”, as it does in G702-1992. The phrase “Guaranteed Maximum Price” also replaces the phrase “Contract Sum” in items 3 and 9 in G702GMP–2021. 

G702GMP–2021 references G703CW–2021 throughout the document, rather than G703–1992.

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