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Aia invoice form for corporations

[Music] applications for payment or pay applications and sometimes just pay apps are in essence pretty simple at its core it's just a detailed invoice document that provides information about the progress of a construction project related to a contract and requests corresponding payment payoffs are most often requested by prime contractors and sent by subcontractors it's rare for parties further down the chain to send an official payment application however a lot of the same materials required in a payoff will be required from them anyway generally the payout provides an accounting of the work materials or products furnished through a certain time under the contract and any change orders along with their price and quantity and subtracts retainage and the amount previously paid to determine the amount due supporting an additional information is usually required to be provided as well while there is no singular Universal pay app and the specific form and supporting documentation may vary contract by contract there are a handful of standardized forms and the supporting information required is fairly similar the known as the uses document G 702 and consensus Docs has formed 291 and formed 292 as the standard pay applications that are used widely in construction and require comparable information even if the pay up required on your construction project is not one of these common documents the information on the app itself and on the supporting documents will likely be similar the first page of almost every pay application includes the overview of project status and provides the critical financial information the following list of information is what you will likely need on hand to correctly fill out the pay application and make the process easy and streamlined the name of the project the name of the property owner contractor or architect the number of that particular payoff if there are several progress payments the time or prior dates covered by the particular pay app the original contract amount any change orders total value of work completed to date retainage calculated as a certain percentage of the work performed total amount of prior payments the current amount due and the total balance remaining in addition to that information the first page of a standard pay app usually includes a space for certification by the direct contractor and architect of labor or materials furnished and amounts due as represented on the payout most pay applications are not delivered as standalone documents they require additional information and supporting documents some of the additional information that may be required can be the schedule of values list of sub and the work they performed a project schedule and lien waivers both from you and down the chain the titles of the other supporting documents give a pretty clear picture of the desired content a schedule of values is an overview of the project on which the payoffs will be based for example the schedule of value sets out the projected cost for individual aspects of the project to the extent required often expenses must be broken down into smaller items not larger than some figure say twenty thousand dollars in order to provide clarity to the expected expenses instead of one hundred thousand dollars for site prep the schedule of values would break that larger item into twenty thousand dollars for grading $10,000 for crushed stone delivery etc time is also assigned to value so that progress can be assessed the list of subcontractors and suppliers along with the corresponding invoices may be required to justify the expense in the payoff or to help with the collection of lien waivers that are also generally required to be provided as part of the payout lien waivers may be requested during the processing of the payout prior to payment at some other time or provided with the PAP itself depending on the project and contracted issue lien waivers are a crucial step in receiving payments since they provide protection for the property owner or GC or whomever from paying for the same work twice in fact providing assigned lien waiver with your payout without waiting for a request from a higher tiered party can be a really smart move to get you paid faster pay apps like many things in the construction industry take a relatively simple concept and add layers of complexity by familiarizing yourself with the common forms and requirements including supporting documentation you can position yourself to make your business more efficient and speed up payment if you learn something today about payoffs subscribe to our youtube channel and head over to level set comm slash pay - applications for more in-depth guides and free downloads payment help is here