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Create a GMP Contract
Create a GMP Contract

This guide outlines how to create and manage GMP vendor contracts in INGENIOUS.BUILD, covering key tasks like uploading documents, setting retention rules, and establishing a Schedule of Values for streamlined contract management.

JD Williams avatar
Written by JD Williams
Updated over 2 weeks ago

Overview

INGENIOUS.BUILD streamlines contract creation with intuitive tools for managing GMP vendor agreements, offering flexibility to customize contract rules, retention settings, and work breakdown structures. Empower your team with a robust platform designed to simplify complex contract processes and enhance project collaboration.

Step 1: Contract Details

  1. Navigate to the Project Contracts module in your project.

  2. Click Add Contract.

  3. Choose Vendor Contract then click Next Step.

  4. Fill out Contract Details:

    • Contract Name

    • Unique ID

    • Select Vendor

    • Your Project Managers

    • Contract Holder

    • Contract Type (Standard Contract Agreement (Single Stage Agreement) OR (Non-Standard Agreement (Multi-Stage Agreement/GMP)

    • Initiation Date and Effective Date

  5. Click Next Step.

Step 2: Enter Contract Documents and Insurance Requirements

  1. Upload and attach all necessary contract documents, such as the agreement, terms, annexes, and addendums. Review to ensure all required files are included for a complete and compliant contract record.

  2. Add Insurance Requirement (optional) OR load from template.

  3. Click Next Step.

Step 4: Set Contract Rules

Establish key rules for managing the contract:

  1. Retention

    • Define the retention percentage, which will automatically apply to each line item in the Schedule of Values.

    • This includes any change orders or amendments to the contract.

    • The retention rule acts as a default but can be updated for specific items as needed.

    • The specified percentage will be held back from the gross value of invoices and can be released once the agreed completion milestone is reached.

  2. Lien Waivers

    • Select the lien waiver template the vendor is required to use.

    • This ensures the vendor is prompted to attach the correct lien waiver during invoice submission.

Step 5: Complete the Schedule of Values (SoV) / Work Breakdown Structure (WBS)

Define the structure of your agreement for billing and schedule management:

  1. Establish the SoV/WBS

    • Use this step to outline the breakdown of work or billing categories.

    • This structure will serve as the foundation for tracking progress and managing payments.

  2. Load or Create

    • Load from Template: Select a predefined template to streamline the process.

    • Add Your Own: Manually input your custom SoV/WBS structure to align with the project’s unique needs.

  3. Review and Finalize

    • Ensure each line item includes accurate descriptions, values, and any necessary details.

    • Confirm the structure is consistent with the project’s scope and payment terms.

  4. Save Your Progress

    • Once you’ve completed the SoV/WBS, choose one of the following options:

      • Save as Draft: Preserve your current work to revisit and make changes later.

      • Save as Initially Executed: Finalize the structure and mark it as part of the executed contract.

Step 6: Prepare for GMP Amendments

With the initial contract execution completed, you're now ready to enter GMP amendments when needed.

See Also

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