The G702 is the standard form used across the construction industry for contractors to request draw payments. It sits on top of the G703 (Continuation Sheet) and summarizes the total amount requested, the breakdown of contract value, work completed to date, materials stored off-site (if applicable), retainage held, and the net payment due. The G702 is signed by the contractor and architect (if one is present) and forwarded to the owner or lender for approval.
On residential construction, lenders and title companies recognize the G702 as the standard payment-application format, even on projects without an architect. The form is copyrighted by the American Institute of Architects, so builders and contractors must purchase the forms or a license agreement to use them legally. Lenders typically require G702/G703 submissions as part of their draw-request process because the standardized format makes it easy to verify that payments stay within the loan budget and construction schedule. Understanding how to read and complete a G702 is essential for managing draws and cash flow during construction.