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The Payment Terms module in our product allows for the creation and approval of payment terms in construction projects. Here’s a guide on how to create and approve payment terms:
Creating Payment Terms:
GC and SC Creation: General Contractors (GC) and Subcontractors (SC) have the ability to create payment terms specific to their contracts.
Fields to Fill: When creating payment terms, the following fields are required:
- Contract Date: Select the date when the contract was signed.
- Payment Interval: Choose the appropriate payment interval from the available options.
- Retainage: Enter the percentage or value of retainage to be withheld from each payment.
- Paying Company (GC Only): Select the company responsible for making the payments from the available options.
- Lead Time to Sign Conditional Lien Waiver (CLW): Enter the number of days required to sign the conditional lien waiver after approval.
- Lead Time for Payment: Enter the number of days required for payment to be processed.
- Lead Time to Sign Unconditional Lien Waiver (UCLW): Enter the number of days required to sign the unconditional lien waiver after receiving final payment.
- Terms & Conditions: Add any specific terms and conditions related to the payment terms. This allows for additional clarity and transparency in the payment process.
Approving Payment Terms:
Approval Process: The approval of payment terms is based on the role of the creator and the approver.
Owner/Developer Approval: If the payment terms are created by the GC, they are submitted for approval to the Owner/Developer. The Owner/Developer has the authority to review and approve the payment terms created by the GC.
GC Approval: If the payment terms are created by the SC, they are submitted for approval to the GC. The GC reviews and approves the payment terms created by the SC.
Editing and Confirmation: The approver has the ability to edit the payment terms if necessary. Once the terms are reviewed and confirmed, the approver gives their approval.
By utilizing the Payment Terms module, project stakeholders can create, review, and approve payment terms, ensuring that the payment terms align with the contractual agreements and meet the specific requirements of the project.
