InEight Contract - Contract Closeout

TRANSCRIPT

To close out a contract, you'll need to follow a few steps to ensure that all the contractual requirements have been fulfilled. During project initiation, your project administrator will decide if there is a default set of questions that'll be used for all contracts, or if each contract will have their own unique set of questions to be filled out. These questions will be entered in the project settings. Once these have been completed, you'll be free to close out your contract.

Select the contract that you're ready to close. With your approval settings in place, you can initiate the contract's closeout. Click on the contract closeout tab. The tab displays boxes for each closeout section labeled with either not started or not applicable.

To start the process, you'll need to let the first person responsible for each closeout section know that they can get in and start the closeout process. Hover over the engineering closeout tile. You'll see an icon at the bottom right for notification setup. Select this icon and the closeout notification setup slide out panel will open.

Here, you'll assign by users or role who will get notifications to approve checklists. Once completed, click save. Select the engineering closeout section. Respond to each section with a yes, then enter the appropriate scheduled and forecast dates on the left.

Select save and send closeout request. This will send a notification to the two approvers you set up in your approval process. Click save again. This will take you back to the contract closeout checklist.

You'll need to complete all the checklists that state "not started" until all are closed out. Once the approver has saved and marked as complete all the closeout checklists, then at that point, your final payment and or retainage release will be released to the vendor via a final payment form.