Summary
AIA Contract Documents publishes two consent forms related to surety: G707-1994, Consent of Surety to Final Payment, and G707A-1994, Consent of Surety to Final Reduction or Partial Release of Retainage. G707-1994 ensures the surety's obligations remain intact after final payment, while G707A-1994 is used when retainage is reduced or partially released, maintaining the surety’s responsibilities.
AIA Contract Documents publishes the following:
G707–1994, Consent of Surety to Final Payment – intended for use as a companion to AIA Document G706™–1994, Contractor’s Affidavit of Payment of Debts and Claims, on construction projects where the contractor is required to furnish a bond. By obtaining the surety’s approval of final payment to the contractor and its agreement that final payment will not relieve the surety of any of its obligations, the owner may preserve its rights under the bond.
G707A–1994, Consent of Surety to Final Reduction in or Partial Release of Retainage – 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 more information see summaries: G707 » G707A »
For instructions: G707 » G707A »