Get Stored Materials Invoicing

Construction is a risky and expensive undertaking involving substantial credit and cash flow risks for the contractors and subcontractors involved. One major reason that construction contracts provide for installment payments as construction proceeds is to supply the funds necessary for the agreed performance. Mastering Payment for Stored Materials subcontractorscarolina.com https://subcontractorscarolina.com › 2018/08 subcontractorscarolina.com https://subcontractorscarolina.com › 2018/08 PDF

Stored materials are materials and items purchased ahead of their planned use in a construction project. Purchasing all construction materials on a day-to-day basis would be logistically impossible in most cases and exceedingly expensive. The Basics of Stored Materials in Construction | Rabbet Rabbet https://rabbet.com › Blog Rabbet https://rabbet.com › Blog

The G702 is an application filed by the contractor and is bundled with supporting documentation. Once it is certified by the architect, payment will be sent to the contractor. Next, is the G703 Continuation Sheet. The G702 and G703 are used together to help keep projects on track.

Total Completed and Stored to Date: This is the amount billed for all the work completed up to date, along with the value of materials currently being stored on-site. A Quick Guide to G702/G703 Documents - Flashtract flashtract.com https://flashtract.com › blog › a-quick-guide-to-g702-g7... flashtract.com https://flashtract.com › blog › a-quick-guide-to-g702-g7...

Line 6—Total Earned Less Retainage: Subtract the total retainage on Line 5 from the total completed and stored to date on Line 4. This represents the total billable amount that you've earned to date. ‍

Balance to finish, including retainage. This amount is merely the remaining contract price that will still be due once the architect or owner approves the current payment application. Just subtract the total contract sum to date from the "total earned less retention" in line 6.

A typical pay application form will ask you to input the following information: Original contract amount. Sum of approved change orders. Total value of work completed & materials stored on-site to date. Amount retained. Total amount earned to date. Total amount received to date. Amount currently due. Balance to finish.