Responsibility: PM
A Pencil Copy is a draft version of the monthly invoice that you plan to submit for approval to the Owner/Architect. Typically, the previous month's billing is marked up to reflect the amounts for both Granger and the trade contractors will be billed in the current month. If you do not have a previous month's billing, or your owner requires updated CM Staff/Reimbursable projected amounts, you may request a pencil copy from your Project Accountant (PA).
Turn in your marked up pencil copy to your PA no later than the 25th of the current month, including the respective trade contractor pencil copies. Your PA will generate the AIA billing based on your pencil copy submitted and send on to the A/E to be certifie
Tip: Save your trade contractor pencil copies in a location on the server/SharePoint site and share this location with your PA so they can reference individual trade contractor pencil copies if they have questions on your submitted pencil copy.
Note: Accounting closes the current month on the 10th of the following month and pay applications can no longer be created once a month is closed (i.e. March will be closed on April 10th). Do NOT send your PA your pencil copy later than the end of the month, so that they have time to prepare the AIA prior to the 10th.
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Responsibility: PM
Retainage is a defined percentage of the subcontractor payments (typically 10%) that is withheld until the project is substantially complete, to assure that the subcontractor will satisfy the obligation of their contract. Review the Granger-Owner contract agreement for specific requirements regarding retainage, such as percentage required and retainage release schedule.
Responsibility: PA / PM
Compliance documents include items such as: insurance certificates, signed subcontracts and/or change orders, GCC Safety Program Acknowledgment, sworn statements, waivers, and certified payroll. Your project PA will review the compliance documents submitted by the trade contractor and they will not release payment on a draw until 100% of compliance documents are correctly submitted for that month.
You can verify the status of a trade contractor's compliance documents using the GCC SL Subcontract Compliance report in Viewpoint (located in the Project Management - Reports folder).
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Materials that a trade contractor is submitting for payment on but have not been delivered to the project site at the time of billing. To bill for stored materials, the trade contractor must get prior approval from the CM and provide the required documentation outlined in the Payment for Stored Materials Guideline.
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