Overview
The main project contract is the core agreement between your company and the client, serving as the foundation for financial and project management. It is prominently marked with a "MAIN CONTRACT" pill at the top of the Project Contracts Listing Page. This article provides detailed steps for setting up your main project contract, ensuring that all key details and values align for seamless project execution.
Process
1. Select or Create the Project
Begin by selecting or creating the relevant project.
2. Navigate to the Project Contracts Tab
From the project menu, click on the Project Contracts tab.
3. Select "MAIN CONTRACT"
Open the main project contract to begin the setup process
Enter Contract Details/Settings
Key Fields to Complete:
Client Name: Automatically populates from the client selected during project creation.
Responsible Project Manager: Assign a project manager from your employee list.
Contract Name: Typically reflects the scope of work or services provided, along with the client’s company name.
Contract ID: Edit as needed to align with your company’s naming conventions.
Total Contract Value: Enter the full contract value, ensuring it matches the quoted item value.
Initiation Date: The start date of the contract agreement.
Effective Date: The date the services will commence.
Tip: You can have multiple main contracts within a single project if your workflow requires it. They must be with the same client.
Enter SoV/WBS
Quoted items outline the phases or tasks of the project and connect the contract values to the budget ACR. These items will also form the Schedule of Values (SoV) for billing purposes.
SoV/WBS Setup:
On-System Contract: You can request the SoV/WBS from your client or input it manually.
Off-System Contract: The SoV/WBS must be completed manually.
Templates: If available, load pre-configured WoV/WBS templates created by your Workspace Administrator.
Adjust SoV/WBS Settings:
Display Units: Calculate costs based on quantity and unit of measure.
Require SoV/WBS Approval: Enable if the SoV/WBS needs internal approval by a Project Executive or higher.
Require Approval to Update SoV/WBS: Enable if approvers need to unlock the SoV for future updates.
Require Cost Type: Match tasks with cost types (e.g., labor, equipment) if exceptions to retention rules apply.
Enable Cost Codes: Link tasks to internal cost codes from your company settings.
Input SoV/WBS:
Enter a description, select the applicable cost code, and input the value.
Use "Apply to All" if all items share the same cost code.
Add additional quoted items, phases, or tasks as needed.
Ensure Totals Match:
Confirm that SoV/WBS Totals and Contract Value align.
Alternates:
Add alternates using the same process for SoV/WBS.
Save Progress:
Use Actions > Save to pause the process and resume later.
Note: you can pause the contract creation process by clicking Actions > Save. This will allow you to come back and finish editing the contract at a later time.
Add Retention Rules
Input applicable retention rules for the contract, ensuring they align with project requirements.
Optional Steps
Attach supporting documents for the contract in the Attachments tab to maintain a complete and organized record.
By following these steps, you can set up the main project contract with precision and clarity, ensuring alignment between project expectations and financial execution.
Next Steps: