Overview
Executing a project contract in INGENIOUS.BUILD streamlines the process of managing commitments, enabling accurate tracking of costs and seamless creation of change orders and invoices. Integrating contract details into the Budget/ACR, ensures transparency, consistency, and efficient project financial management.
Prerequisite
Ensure the contract is created, and all details are confirmed before execution.
Process
During contract creation, you will be prompted to choose either:
If you chose "Yes, I have an executed contract":
Click Mark as Executed in the upper-right corner.
The contract does not require approval in INGENIOUS.BUILD as it has already been approved externally.
If you chose "No, I don't have an executed contract":
Once approved, click Execute to finalize the contract.
If an approval workflow is set up, click Submit for Internal Approval; otherwise, click Approve.
Once approved, click Execute to finalize the contract.
After Contract Execution
The contract value appears as a Committed Cost in the Original Contract Value column of the Budget/ACR.
Editable Items Post-Execution:
Contract Name and Unique ID.
Vendor contact (to another contact within the same company).
Assigned Project Managers.
Initiation and Effective Dates.
Insurance Requirements.
Cost Codes tied to WBS 1.
WBS 2 and WBS 3 details in the SoV/WBS (must be approved when finalized).
Additional attachments.
Non-Editable Items Post-Execution:
WBS 1 name and value.
Total contract value.
Vendor company tied to the contract.
Contract type (Standard vs. GMP).
Retention rule (can only be updated via a retention invoice).
Uploaded contract documents.
Now that you know how to Execute a contract you can use Contract Changes to make adjustments to them or begin Invoicing against them. As a note all SoV line items created will populate in an Invoice against said contract.