About this example
This example is the monthly progress invoice a general contractor sends the owner of a new dental clinic under construction in Austin, Texas. It is pay application No. 4 on a lump-sum contract: it bills only the work done in October, holds back 10% retainage, and shows exactly where the contract stands after the payment.
Construction owners, their architects and their lenders all check a progress invoice against the contract, so the first page opens with the job, the period and the terms, followed by an application summary that runs from the original contract sum, through the change orders and the work completed to date, to the retainage, the previous payments and the payment due now. The schedule of values sets every contract line beside what was billed before, what is billed this month and the percentage complete. The line items carry the retainage, the approved change orders are listed with their dates, and a progress page records this month's work and inspections. The last page covers how to pay, the Texas prompt payment and retainage rules, lien waivers and the certifications.
Who it is for
General contractors, builders and subcontractors who bill owners each month on a schedule of values, with retainage and change orders.