Payment applications are some of the most important documents on a construction project because they identify and present how contracts will get paid. They contain a list of services and items that are being incorporated into the project and list jobs being executed under the contract agreement. The payment application form provides two parties with a method of controlling what materials or services have been provided by one of the parties. It's a tool that helps expedite payment and reduce errors. Also, it is a great tool to keep track of the project cost, balance to completion, material received to date, material installed to date, and work completed.
Over the past month, we've worked hard to add payment applications to the cost management features within ProjectTeam. After creating a contract, with all of the appropriate schedule of values, you can now quickly create pay apps and then add values against the agreed upon contract values per cost period. Each form has all of the fields needed to populate industry standard documents such as the AIA G702 (Application and Certificate for Payment) and G703 (Continuation Sheet for G702). Therefore, you can merge information from ProjectTeam to your standard forms in Microsoft Word, Excel, PowerPoint or Adobe PDF with the click of a button.
We could use your help in spreading the word. If you know anyone that could use the system on one of their projects, please spread the word.
As always, if you ever need anything, please let us know. We're here to help.