Retainage & Pay Applications
Retainage calculator
Gross billed, retainage withheld, net payable — and the release schedule.
Open Retainage calculatorRetainage & Pay Applications
4 tools · 5 guides · 2 comparisons
Retainage math, G702/G703 pay applications, schedules of values and progress billing — the paperwork that releases money.
The paperwork that releases the money
On most commercial jobs you do not send an invoice, you submit a pay application: a summary sheet and a continuation sheet that bill each line of the schedule of values by percent complete, less retainage, less what was paid before. The general contractor rolls every trade's application into its own and sends it up the chain. A line that does not reconcile can hold the whole package for a cycle.
Retainage is the part held back from each payment until the job, or your scope, is finished. It is often the profit on the job, and it is often the last money anyone releases. Build a clean schedule of values at the start, bill against it with the pay application generator, and track what is held with the retainage calculator. Many states cap retainage or set release deadlines; see retainage laws by state.
Where to start
- 01What is retainage?Who holds it, why, and when it must come back.
- 02AIA G702 and G703 explainedEvery line of the application, in order.
- 03Progress billing for subcontractorsPercent complete, stored materials and the billing calendar.
Tools
Retainage & Pay Applications
Pay application generator
A G702-style application for payment with continuation totals.
Open Pay application generatorRetainage & Pay Applications
Schedule of values builder
Build the SOV line items and check they total the contract sum.
Open Schedule of values builderRetainage & Pay Applications
Change order form generator
Price a change with markup, new contract sum, days added and signatures.
Open Change order form generatorGuides and comparisons
| Title | Type |
|---|---|
| What is retainage in construction?Why 5-10% is held, who holds it, and when the law says it must be released. | Guide |
| Retainage laws by stateStatutory caps, release timelines and retainage bonds, state by state. | Guide |
| AIA G702 and G703 explainedEvery line of the application and the continuation sheet, in order. | Guide |
| How to build a schedule of valuesLine-item structure, front-loading limits, and what reviewers reject. | Guide |
| Progress billing for subcontractorsPercent-complete billing, stored materials, and the billing cycle calendar. | Guide |
| Retainage vs retentionSame money, two vocabularies — and the contract clauses that differ. | Comparison |
| Pay application software comparedG702/G703 output, schedule of values, retainage and waiver bundling, by vendor. | Comparison |