Outline the value, terms and milestones set out in your contract
Contract type
Each contract type slightly affects the makeup of the contract overview. Once the contract is created, this cannot be edited. There are two types of Contracts:
- Milestones: This contract is setup around a specific set of milestones that you would like to achieve.
- Duration: This contract is set up around an initial term duration and renewal periods.
Terms & Renewals
The start date, end date and initial value of the contract is stored in the price and duration table.
Once you have created your contract pricing information, the term can be exercised.
When variating a term the initial value is retained the variated amount is automatically stored.
Exercising a term
You can choose to exercise a term, either on creation or by variation. Once a term has gone through the approval flow.
Adding your rate card
Against each Contract, the schedule of rates will store the agreed-upon rate card.
Each line item includes:
- Item: Name of the line item
- Tag: An optional grouping
- Unit Price: The price per unit that is agreed upon
- Unit: The agreed-upon unit of measurement for charging