# AIA Billing, Schedule of Values & Retainage
## Schedule of values (SOV)
At the start, you break the contract price into **line items** (the SOV). Each progress bill reports **% complete per line**, so the owner can see what they're paying for.
## AIA-style billing
Many projects bill monthly on **AIA G702/G703** forms (or similar): G702 is the summary application for payment; G703 is the detailed continuation (the SOV with this period's progress). The owner/architect reviews and certifies it.
## Retainage
The owner withholds **retainage** (commonly 5–10%) from each payment until the job is complete — an incentive to finish. You, in turn, often hold retainage from your **subs**. Track retainage **receivable** (owed to you) and **payable** (you owe subs) separately; it's real money that hits cash flow at closeout.
## Why precision matters
Sloppy SOVs and billing create cash-flow gaps and disputes. Bill accurately and on time — it's how you stay funded through the job.
**Takeaway:** Bill accurately and on time — it's how you stay funded through the job.
> *Educational content — not legal, accounting, or licensing advice. Rules vary by state and change; verify with the licensing board and a CPA.*
