This is a standard form for use when a surety company is involved, and the owner/contractor agreement contains a clause whereby retainage is reduced during the course of the construction project. When duly executed, AIA Document G707A™–1994 assures the owner that such reduction or partial release of retainage does not relieve the surety of its obligations.
When to use this document?
- Any size project
- Only use on projects with a surety involved
- Reduces retainage by an agreed upon amount
