A pay application, often prepared on AIA G702 and G703 forms or a similar format, lists each line of the schedule of values, the work completed and materials stored to date, retainage, previous payments, and the amount now due. It is typically submitted monthly and reviewed by the architect, owner, or general contractor before payment.
Pay applications often have strict deadlines and supporting requirements, such as lien waivers, certified payroll, or updated schedules. A late or incomplete application can push payment into the next cycle, which is why contractors plan cash around the pay-application calendar.