In this article, we'll guide you through the process of executing a GMP (Guaranteed Maximum Price) original contract using our platform. We'll cover the steps involved in executing the original contract and understanding the related contract details. Let's get started!
Final Amendment Execution:
If you want to initiate the execution of a GMP original contract, you must first execute the final amendment. The system will prompt you to execute the original contract once the final amendment is completed. Otherwise, you can go to the Contracts module and navigate to the contract that needs to be executed.
Review Processed Amendments and Invoices: Before executing the original contract, we highly recommend reviewing the processed amendments and invoices. This step ensures that you are well-informed about any changes.
Complete Approval Steps:
In the Contract Details section, click on "Upload Original Contract" or on the Actions menu and click"Original Contract Exchange." Then, you will be guided through the necessary approval steps to execute the contract.
Understanding Contract Summaries:
In the Contract Summary tab, you can access important information related to the contract execution like processed change orders, amendments and invoices.. Here's what you can find:
Adjusted Initial Contract for Record: This summary is for the GMP and it lists the amendments or invoices processed during the amendment approval. Use this summary to track any changes made during the amendments approvals.
Adjusted Original Contract: The default summary is the "adjusted original contract." It lists the change orders and invoices processed throughout the project. This summary provides a comprehensive view of the contract, including all changes and updates.
Contract Quoted Items:
Quoted items are a key part of the original contract. Once the contract has been executed you will find the amendments listed as part of the original quoted items.
Need additional guidance? Reference step-by-step video:
Congratulations! You have successfully executed a GMP original contract using Ingenious Build. If you have any more questions, don't hesitate to contact us again. Have a great day!
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