Summary:
A quick overview of "G707A™–1994, Consent of Surety to Final Payment". Learn about Related documents, Changes from previous edition, and dispute Resolution from G707A.
Content.
Changes from the previous edition
Synopsis.
This is a standard form for use when a surety company is involved and the owner/contractor agreement contains a clause whereby retainage is reduced during the course of the construction project. When duly executed, AIA Document G707A–1994 assures the owner that such reduction or partial release of retainage does not relieve the surety of its obligations. For use and execution of a document, see its instructions »
Purpose.
AIA Document G707A is intended for use when the Contractor requests a reduction or release of retainage from the Owner. AIA Document G707A, when duly executed, assures the Owner that such reduction or partial release of retainage does not relieve the Surety of its obligations.
Related documents.
This document may be used with most of the AIA’s Owner-Contractor agreements and general conditions, such as AIA Document A201® and its related family of documents. It is often used as accompanying documentation to AIA Document G702™, Application and Certificate for Payment when release or reduction of retainage is requested by the Contractor.
Changes from the previous edition.
Changes in the location of various items of information were made, without revision to the substance of the document.