InEight Contract - Header Tab

TRANSCRIPT

When setting up your contract, you'll want to verify the information on the header tab and, additional information for the contract as needed. Add the payment terms as per the executed contract. Confirm the correct supplier is selected and the correct currency is selected, US dollar. If your project has more than one delivery address, you'll want to verify that this is the accurate one where your subcontractor shows up on site.

If you have material to be delivered directly to site, this will also be that address. The storage location is used if you have an offsite warehouse that you want material to be delivered to. Both of these dropdown lists will be populated during project initiation. For inco terms, select free onboard.

Inco terms are predefined commercial terms published by the International Chamber of Commerce ICC, relating to international commercial law. They're set up to determine who's responsible for the goods or materials until they're delivered to site or handed off and accepted by the contractor. The country of origin is the location where your company will buy the materials or service from. For this example, you'll use Canada.

The harmonized schedule search is for you to look up the codes for where the project is located, to see what these tariffs would be for the country of origin. This is for government taxing purposes For the invoice plan toggle button, typically, the best practice is to leave this set off unless your job has a specific invoice plan for paying subs and vendors. For discipline, select metals for this contract. For the scope of contract, type fabricate structural steel to the specs provided.

Select the diversity participation toggle, if your contract is with a diverse supplier or a subcontractor. Switch the toggle to yes and select veteran owned small business. Note that you can add additional diversity categories as needed. When your vendor or supplier has agreed and included some costs in the contract to help with things such as onsite training or commissioning, you can enable the tracking of this under technical field assistance.

Select the toggle button to turn technical field assistance on. In this case, you only need to track standard overtime and double time for the field assistance. So click the minus next to trip and per diem. For standard time, enter 80 man hours at a rate of $30 an hour.

For overtime, type in 10 man hours at a unit rate of $45. And for double time, enter four man hours at a rate of $60 per hour. Note that it totals up the costs, and you can include comments as needed. In the retention section, you can enter the holdback or retention for the agreement.

Typical contracts will ask for 10%. Enter this into the default retention. It will then populate the dollar value based off of your contract value. Liquidated damages are what the subcontractor or the supplier agree to pay, if they're late in delivering material or are late in performing the work.

Reference your executed contract for this information and enter in a percentage or dollar value. In this case, enter 2%. You want this contract to be visible for reporting purposes. Switch the toggle to yes.

If you want to hide this contract for reporting purposes, you can toggle it to no, but best practice would be to leave it on. You can always come back later and switch it back off as needed. On the far right of the screen is the reference data. This is general information on agreements generated from the E R P.

With your header information completed, you're ready to add line items to the contract.