This article will guide you through the key steps in managing GMP contracts
Creating a GMP Contract
When selecting a contract type, you now have two options - Standard and Multi-Stage/GMP contracts. Begin by navigating through the standard contract workflow. Upload or create contract template, go through the approval process, and execute the initial agreement. For additional guidance click on this help article.
Now that the initial agreement is executed, treat it like any regular contract. You can invoice against it as needed.
Accessing the Amendments Module
The key feature is the amendments module. Here's how to use it:
Create an amendment, specifying if it's intermediate or final.
Amendments follow the same workflow as change orders. Fill out cost details, review the impact on the initial contract, and seek approvals.
Approve and execute the amendment.
Viewing Amendments
Amendments appear in the contract work breakdown structure and the summary. This allows you to track changes to the initial contract and its value.
Budget Column
Notably, amendments populate within the original contract amount, distinct from change orders. This distinction is crucial for accurate reporting.
Executing the Final Amendment
When you're ready for the final GMP, follow these steps:
Create a final amendment, specifying the changes.
Execute the final amendment, locking in the GMP.
Reviewing the Original Contract
The final GMP contract is locked in stone and can only be amended via change orders. Former amendment quote items now behave as regular quoted items within the original contract. You can easily access the initial contract and the history of amendments by clicking on the "Adjusted Initial Contract" tab.
By following these streamlined steps, you can efficiently manage your GMP contracts in our system, enhancing your contract management experience. That's it for GMP Contracts and Amendments overview. If you have any questions or need further assistance, please don't hesitate to reach out to our support team. Talk to you soon!
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