Free G702/G703 Pay Application Template
Build the schedule of values, bill the period, hold retainage, and download a PDF or a QuickBooks Online file.
Pay Application 2
Change orders
- Approved additions
- $20,815.00
- Approved deductions
- -$6,500.00
- Net change by change orders
- $14,315.00
Summary
- Original contract sum
- $850,000.00
- Change orders to date
- $14,315.00
- Current contract sum
- $864,315.00
- Work completed and materials stored (47.6%)
- $411,800.00
- Retainage on work (10%)
- $37,380.00
- Retainage on stored materials (10%)
- $3,800.00
- Retainage held
- $41,180.00
- Earned after retainage
- $370,620.00
- Less earlier applications
- $196,740.00
- Current payment due
- $173,880.00
- Left to bill, including retainage
- $493,695.00
Application history
Start application 3 to save this period. Its work moves to previous applications, and stored materials carry forward.
| Application | Period to | Work this period | Payment due | |
|---|---|---|---|---|
| 1 | 2026-09-27 | $218,600.00 | $196,740.00 |
Uses the G702/G703 billing math in a Buildplus layout. AIA, G702, and G703 are trademarks of The American Institute of Architects. Buildplus is not affiliated with or endorsed by AIA.
Assumptions
Retainage starts at 10% on work and on stored materials. Federal rules limit retainage to 10% of each progress payment (FAR 32.103), and many states set lower limits on public work, such as 5% in California (Public Contract Code section 7201). Your contract sets the real rate. Percent complete is work completed and stored divided by the scheduled value. Amounts are in US dollars.
Free for builders who bill progress payments to an owner, an architect, or a lender. Updated October 2026. Results are estimates, not financial, legal, lending, or tax advice. See all free contractor tools.
How the G702 and G703 formats fit together
A pay application in the AIA billing style has two parts. The continuation sheet, in the G703 format, lists each line of the schedule of values: its scheduled value, the work done before and in this period, the materials stored, and the balance to finish. The summary, in the G702 format, totals that sheet. It adds change orders to the contract sum, takes out retainage and earlier payments, and states the current payment due. The owner or architect signs to approve the amount. Buildplus construction invoicing turns project expenses into client invoices and takes payment online.
Formula and worked example
| 1 | Completed and storedWork completed to date + materials stored | $373,800.00 + $38,000.00 =$411,800.00 |
|---|---|---|
| 2 | Earned after retainageCompleted and stored − retainage at 10% | $411,800.00 − $41,180.00 =$370,620.00 |
| 3 | Current payment dueEarned after retainage − earlier applications | $370,620.00 − $196,740.00 =$173,880.00 |
How retainage works
Retainage is a share of each payment that the owner holds until the work is done. It applies to work completed and to stored materials, and the contract can set a different rate for each. The owner releases it at substantial completion or after the punch list. To bill the release, lower both rates to 0% on the final application.
Applications build on each other
Each application starts from the last one. When you start the next application, this period moves into work from previous applications, the payment due becomes an earlier application, and stored materials carry forward until you install them. Your projects and history save in this browser. If a lender funds the job, plan each draw with the construction loan calculator.
Common pay application mistakes
Scheduled values that do not add up
The schedule of values must total the contract sum. When it does not, every percent complete is wrong. Here the original contract sum is the total of the base lines, so it always reconciles.
Change orders mixed into base lines
Raising a base line to cover a change hides the change from the owner and the lender. Give each approved change order its own line.
Stored materials billed as work in place
Delivered cabinets are not installed cabinets. Bill them as stored materials, then move them to work completed when they go in. Many lenders and owners want invoices and proof of insurance for stored materials.
Before Buildplus I would have to send my subcontractors multiple payments spread out over a couple of days to avoid hitting electronic transfer limits.
Now I can send one payment and be done. That convenience combined with the fact that payments are automatically tracked back to the right subcontract makes Buildplus a very elegant solution.
Cliff Kahan
Property Projects LLCFAQs
Is this an AIA G702 or G703 form?
No. This is a free Buildplus pay application with its own wording and layout. It uses the G702/G703 billing math, so the numbers line up with what owners, architects, and lenders expect. If your contract requires the official AIA forms, use those forms. AIA, G702, and G703 are trademarks of The American Institute of Architects. Buildplus is not affiliated with or endorsed by AIA.
What is a schedule of values?
It is the contract sum split into lines of work, each with a scheduled value. The owner approves it at the start of the job. Each pay application bills against those lines, so the owner can see how far along each part of the work is.
How do I calculate the current payment due?
Add work completed to date and materials stored. Subtract retainage to get the amount earned after retainage. Subtract what earlier applications billed. The remainder is the current payment due.
Can I bill stored materials?
Most contracts allow it for materials delivered to the site or stored in a bonded warehouse. Enter them as materials stored. When they are installed, lower the stored amount and add the same amount to work this period.
Where are my projects and history saved?
In this browser only. Each project and its saved applications stay on this device, and your numbers are not sent to Buildplus or put in the page link. The first download asks for your contact details. Download a PDF of each application to keep with the project file.
What is Buildplus?
Buildplus is the payments, expenses and invoicing platform built for contractors running cost-plus jobs. Every payment, swipe and reimbursable expense stays tied to the project it belongs to.
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