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Construction glossary

What is a G703?

A G703 is a continuation sheet used in the construction industry. It's part of the AIA (American Institute of Architects) document set for contract documents. The G703 form includes a schedule of values listing portions of the work, scheduled values, work completed, materials stored, total completed and stored, percentage of work completed, balance to finish, and the amount of change orders. Hence, it is primarily used for breaking down the contract sum into portions of work in accordance with a schedule of values prepared by the contractor. It provides a running total of completed work and can be updated as work progresses.

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Other construction terms

AIA Document

What is an AIA Document?

An AIA Document, or American Institute of Architects Document, is an essential tool used in the construction industry. These standardized documents are crafted by the AIA, containing detailed contractual content that guides the relationships and roles among various parties involved in building projects, such as architects, contractors, subcontractors, and owners. AIA Documents serve as the benchmark in the industry, promoting consistency and transparency, while reducing the complexities and potential disputes in construction contracts. These cover a broad spectrum, with various series for different purposes, including design-bid-build, design-build, architect-engineer, and integrated project deliveries. Commonly used ones are A101, A102, and B101. Each contains specific terms, conditions, and legal provisions, playing a crucial role in managing risks and maintaining smooth project operations.

AIA Billing

What is AIA Billing?

AIA billing refers to a standardized method of construction project billing developed by the American Institute of Architects (AIA). This billing system is widely utilized in the construction industry due to its accuracy, traceability and efficiency. It involves using specific forms, such as the G702 Application and Certification for Payment and the G703 Continuation Sheet. These AIA documents help manage and streamline the payment process, offering a detailed breakdown that shows the work completed and the costs associated with each phase of the project. The AIA billing system, therefore, ensures transparency, keeping all stakeholders informed about the project's financial aspects, which mitigates risks and potential disputes over costs and payments.

Release

What is a Release?

In the construction industry, a release is a legal instrument that acts to terminate any legal liability between the releasor and the releasee, signed by the releasor. It is often used to settle disputes or claims, with one party agreeing to release the other from any existing obligations, responsibility or further legal action in return for a negotiated compensation. It may also refer to a point in a construction project where work is considered complete to a given level, allowing for payment or the transfer of responsibility to the next party involved in the process.

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