In this guide, we will walk you through the process of adding a GMP (Guaranteed Maximum Price) contract. Follow these instructions to seamlessly add a new GMP contract to your project.
Step 1: New Contract
In your project contract's module, click on the "New Contract" button. Now fill out the following:
In the "Contract Title" field, enter a descriptive title for your contract.
Next, select the appropriate contract type. we will select the "Non-Standard Agreement, Multi-Stage Agreement, GMP" option.
In the "Vendor Type" field: Owner Representative, Architect/Engineer/Designer, General Contractor, or Subcontractor
Designate the contract holder
Click on the "Add Vendor" button and search for the company, user or add user by typing their email address.
Step 2: Select to contract format type: New Contract from Template or Upload Executed Contract
Step 3: Enter Contract Details and Quoted Items
After uploading the contract, you will need to enter the contract details
2. Now you need to set up your quoted items:
Load the quoted items from the bid quoted item templates or manually add them.
Fill out the quoted items, including the phase description and values.
Make sure that the quoted item values match the contract details to avoid any discrepancies.
Once everything is filled out correctly, click on the "Save" button to save your progress.
Please note that the contract type is labeled as "Initial & Original" at this stage.
Step 4: Initial Contract Execution
To proceed with the initial contract execution, follow these steps:
Click on "Initial Contract Exchange"
Follow the instruction and upload the contract agreement as prompted.
Go through the contract exchange steps as directed until the "Intial Contract Exchange" is executed
Step 7: Prepare for GMP Amendments
With the initial contract execution completed, you're now ready to enter GMP amendments when needed.
Need additional guidance? Watch this step-by-step video:
See Also