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.
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.
You can either:
Start from Scratch – Routes the contract change through the standard internal and client approval process.
Upload Executed Agreement – Records an already executed contract change. This skips the internal and client approval process and automatically marks the contract change as executed.
For this guide, we'll select Intermediate Amendment and Upload executed agreement. If you're familiar with performing change orders, these steps will look quite similar.
Step 1: Fill out the Amendment details
Upload the executed agreement and complete the Name, Description, Type, Received Date, Source, and Schedule Impact fields.
Step 2: Supporting Documents (Optional)
Upload any supporting documents for this amendment, if applicable.
Step 3: SoV/WBS
Add or update the relevant Schedule of Values (SoV) or Work Breakdown Structure (WBS) details.
Select the Name, Unit of Measure, Unit Price, and Retention.
Step 4: Mark as Executed
Review the details, then mark the amendment as executed to complete the process.
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!