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Executing a Project Contract
Executing a Project Contract

Execute the contract your company has with your client or your vendor

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Written by Erica Gasbarro
Updated over 5 months ago

Overview

Mark a contract as executed to finalize it. Once a contract is marked as executed, you can create change orders and invoices for that contract.

Prerequisite

Create the contract and fill out and confirm all contract details.

Process

During contract creation, you were prompted to choose either:

"Yes, I have an executed contract" or

"No, I don't have an executed contract"

If you chose "Yes, I have an executed contract"

You can simply mark this contract as Executed by clicking Mark as Executed in the upper right. This contract does not need to go through an approval workflow, because it has already been approved and executed outside of INGENIOUS and you are uploading it for record.

If you chose "No, I don't have an executed contract"

When you first started entering this contract, you did not have an executed contract document. Now that you have it, you will first need to upload it before you can mark this contract as executed. Click Upload Draft Contract Document and upload the file.

If you have an approval workflow for Contracts set up for this project, then click Submit for Internal Approval. If you do not have an approval workflow set up, you will be able to Approve.

Once the contract is approved, click Execute.

After Contract Execution

Once the contract is executed, the contract value will show up as a Committed Cost in the Original Contract Value column on the Budget/ACR.

You can edit the following items after a contract is executed:

  1. The Contract Name and Unique ID

  2. The Vendor contact to a different contact within that company

  3. Your Project Managers working on this contract

  4. The Initiation Date and Effective Date

  5. Insurance Requirements

  6. The Cost Code tied to each WBS 1

  7. WBS 2 and WBS 3 of the SoV/WBS. Once you are ready to finalize the Sov/WBS, click Approve SoV/WBS.

  8. Additional Attachments

You cannot edit the following items after a contract is executed:

  1. WBS 1 name and Value

  2. The total contract value

  3. The Vendor company that the contract is with

  4. The Contract Type (Standard vs. GMP)

  5. The Retention rule (but you can use a Retention invoice to update the retention percentage)

  6. The uploaded Contract Documents

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