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Contract Management

Use the Contract Management form and related dialog boxes in the Projects hub to enter and manage both the negotiated contract amounts for a project and the compensation amounts that you expect to receive for executing that project. Use the Estimated Fee tab to specify how you want to allocate the receipt of estimated fee amounts over time on Project Forecast reports.

Video: See related video below

The primary overall benefits of the contract management feature in Vantagepoint are that it helps you coordinate the contract process, keep everyone up to date on its current status, and ensure that the compensation amounts that will be billed and received as you execute the project are in sync with the amounts spelled out in the contract.

The contract management capabilities enable you to do the following:
  • Enter contract information at any point in the life cycle of a project. For example, you can specify contract amounts and other information while the contract is being negotiated, and later update amounts and fill in details after it is signed. Later, if the scope of the project changes, you could add a change order contract for the same project.
  • Set up workflows to automatically alert key people and update fields when important contract-related events occur (when the contract is approved and signed, for example).
  • Use system settings to establish the extent to which you want expected compensation amounts to be controlled by contract amounts and to indicate how contract and compensation amounts can be spread across lower levels of the project work breakdown structure (WBS).
  • Manage the allocation of sales credit to employees who are instrumental in winning a contract.
  • Use the Estimated Fee tab of the Contract Management form to set up estimated fee allocations that are then used to forecast your potential revenue stream on the Project Forecast report. (This feature is only available if you have activated the Resource Planning, CRM, or CRM Plus module.)
  • Use the Contract Management report and other project reports to review contract information for one or more projects. You can filter those reports in a variety of ways (for example, by contract status, contract type, or approved date).
  • Set up custom revenue methods that make use of either compensation amounts or contract amounts to calculate revenue when you run the revenue generation process.

Video

Title Description

Contract Management

Learn about using Contract Management (in the Projects hub) to manage your firm's contracts and compensation, including estimated fees.