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Construction glossary
What is a G702?
A G702 is a document form used in the construction industry known as the Application and Certificate for Payment. It is issued by the American Institute of Architects (AIA) and is used by contractors to apply for payment for the work completed and materials supplied on a project. It details the contractor's progress on the project, summarizing the total project to date, change orders, previous payments, and the current payment due. The form needs to be signed by the contractor, the architect, and the owner, certifying that the work has been completed and payment is deserved.
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Other construction terms
Transmittal
What is a Transmittal?
A Transmittal, in the construction industry, is an important communication tool used for conveying information related to the project. It serves as a formal method of passing on documents, drawings, o...
Double-Entry Accounting
What is Double-Entry Accounting?
Double-entry accounting is a system used extensively in the construction industry, where every financial transaction has equal and opposite effects in at least two different accounts. The objective is...
Uninstalled Materials
What are Uninstalled Materials?
Uninstalled materials refer to construction materials that have been purchased but are yet to be put in place or installed in a construction project. They are typically stored on-site or at a secure l...
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