Content.
Differences between G703®-1992 and G703CW-2021
Synopsis.
AIA Documents G702®CW-2021, Application and Certificate for Payment for Cost of the Work Projects without a Guaranteed Maximum Price; G702®GMP-2021, Application and Certificate for Payment for Cost of the Work Projects with a Guaranteed Maximum Price; and G703CW–2021, Continuation Sheet for Cost of the Work Projects are forms on which a contractor can apply for payment, and an architect can certify payments are due, on a project where the basis of payment to the contractor is the cost of the work plus a fee. G702GMP-2021 should be used on cost of the work projects that have a guaranteed maximum price, while G702CW-2021 should be used on cost of the work projects that do not have a guaranteed maximum price.
G702CW-2021, G702GMP-2021, and G70®CW–2021 are not intended to replace AIA Documents G702-1992, Application and Certificate for Payment and G703-1992, Continuation Sheet. Rather, they are modified versions tailored for cost of the work projects.
G702CW-2021, G702GMP-2021, and G703CW–2021 should be used on cost of the work projects where the parties intend to show, through the continuation sheet, how actual costs differ from estimated costs and where funds may have been shifted or reallocated between line items in each application for payment. The AIA does not publish a standard schedule of values form, although the G703-1992 and G703CW–2021 continuation sheets are often referred to as a schedule of values.
Like the G702®-1992 and G703®-1992, these forms require the contractor to show the status of the contract sum to date, including the total dollar amount of the work completed and stored to date, the amount of retainage (if any), the total of previous payments, and the amount of current payment requested. For each portion of the work, G703CW–2021 requires the contractor to show the original estimated value (column C1), the change in value from previous applications (column C2), the change in value in this pay period (column C3), and the current value (column C4).
For use and execution of a document, see its instructions »
Related Documents.
AIA Document G703CW–2021 should be used with G702CW-2021 or G702GMP-2021.
These documents are designed for use on projects where the contractor has a direct agreement with the owner where the basis of payment to the contractor is the cost of the work plus a fee. Procedures for their use are covered in AIA Document A201®, General Conditions of the Contract for Construction. G703CW–2021 should not be used with G702-1992, Application and Certificate for Payment.
Differences between G703-1992 and G703CW-2021.
G703CW–2021, Continuation Sheet for Cost of the Work Projects is based on the G703-1992, Continuation Sheet, but contains three additional columns that allow the contractor to show how actual costs differ from estimated costs for each portion of work. G703-1992 contains one “C” column that is intended for the scheduled value for each portion of the work. G703CW–2021 contains four “C” columns. Column “C1” should be used to show the original estimated value of each portion of the work. Column “C2” should be used to show the change in value for each portion of the work from previous applications for payment. Column “C3” should be used to show the change in value for each portion of the work in the current period. Column “C4” should be used to show the current value of each portion of the work.