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What is retention money? Retention money is an amount held back from a payment made under a construction contract. It is usually a percentage of the amount payable of each instalment.

G702 Application and Certification for Payment The G702 generally contains a header, application for payment, change order summary, contractor's signature and certificate for payment.

Authority may be independent engineer or architect who can estimated the work. He will issue the certificate of work done after certifying the work of construction. On this work certified, contractor has right to get money of contract.

The G703 contains all the specific information about the amounts included in the Pay Apps. The additional documents provide proof and support to the claims made in the AIA G702. Additionally, each G703 builds on previous submissions.

The purpose of payment certificates is to inform the client about the release of a payment to the contractor, after a certain amount of work has been carried out or a milestone has been reached. These certificates are: Interim Payment Certificates made following submission and checking of periodic valuations.

Download Sample Interim Payment Application PDF. As name suggests, it is a payment for the part works or on account payment to the contractor to facilitate his cash flow in order to avoid bankruptcy.

Certificate. The document that you send to the subcontractor, usually with the payments, as an acknowledgement of the payment.

Interim certificates provide a mechanism for the client to make payments to the contractor before the works are complete. The Housing Grants, Construction and Regeneration Act, states that a party to a construction contract in excess of 45 days is entitled to interim or stage payments.

Contract Documents means collectively the Tender Documents, Designs, Drawings, Specification, Schedule of Quantities and Rates, Letter of Acceptance and agreed variations if any, and such other documents constituting the tender and acceptance thereof.

4. Eventually, the Project Manager can go ahead and issue the contractor an Interim Certificate that details the items approved, plus the payment amount due. This, again, should be copied to the Employer.