Overview
INGENIOUS.BUILD's streamlined process for adding GMP (Guaranteed Maximum Price) amendments ensures ease, clarity, and accuracy as you make necessary changes to your contract.
Process
Let's add a GMP amendment to our recently executed initial contract.
Step 1: Navigating to the Amendments module
Head over to the Amendments module by going to the Contract Changes module and selecting Amendments on the top of the screen.
There are two types of amendments to choose from:
Intermediate Amendment: it is used when making miscellaneous changes to the Initial Contract before finalizing your GMP.
Final Amendment: once this is executed with the GMP, the Original Contract is created and can only be modified through a formal Change Order.
For this guide, we'll select the Intermediate Amendment. If you're familiar with performing change orders, these steps will look quite similar.
Step 2: Fill out the Amendment details
Fill out the Name, Amendment Description, Amendment type, Received date, Source, and specify the Schedule Impact.
Step 3: Fill out the cost details
Fill out cost details, review the impact on the initial contract, and Mark as executed.
Step 4: Review Contract Overview
Return to the Contract, and you'll find the intermediate amendment listed under the Contract Overview section.
Congratulations! You've successfully completed your first GMP amendment. In our next article, we'll guide you through creating a final GMP amendment. Stay tuned for more helpful tips!