The G703 is the detailed companion to the G702 application for payment. It lists every line item in the contract (foundation, framing, roofing, electrical, plumbing, HVAC, finishes, etc.) and displays for each line the original scheduled value, work completed in prior periods, work completed this period, materials stored off-site (if any), the percentage of that line item that is complete, and the retainage held.
The G703 allows the owner, lender, and architect to verify that each trade is progressing on schedule and that the amount requested in the G702 is reasonable given the percentage complete. Line-item breakdowns also help flag cost overruns or underbilling early: if the framing line is scheduled to be 30 percent complete but only 20 percent has been billed, there’s a discrepancy worth investigating. The G703 is attached to and supports the G702; the G702 cannot be processed without the detailed G703 underneath. Together, they create an audit trail for every draw and make it easy for lenders and title companies to track project progress and budget spending.