Mark Heath, 12 Jul 2018
If you have been following us on LinkedIn
you will know that it is day two in the countdown to UniPhi 14. Yesterday we posted about issue templates
and how to apply them to existing issues, but today we move across to the contracts module where our feature of the day (feature 14) is: derivatives for retention!
Retention is part and parcel of many large cost contracts. The purpose of retention is to withhold a portion of the earned cost from the supplier in order to ensure that the supplier completes the activities required of them under the terms of the contract.
UniPhi has two methods that you can use to help manage your retention. Firstly, and most simply is the standard adjustment method where a $ value is entered for the contract and the current claim. Secondly, we now have a new derivative calculation method, which actually calculates the retention value per claim for you, saving you time and effort.
You will find a number of options available within the derivative function for managing contract retention. For starters, UniPhi offers you a number of pre-configured adjustment types. These options are a time saving feature which simply provide you with standard descriptions that will appear in your contract, and in all progress claim documents. You can change these default descriptions as and when required. Furthermore, you have full flexibility around how you apply the formula to calculate your retention. As seen in the screen shot below, you can choose:
- The derivative percentage
- Whether it applies to the original contract value, or the adjusted contract value (including variations)
- The percentage retained per claim
- And the budget code line that the retention is related to (Note that you can have more than one retention amounts against specific budget code lines, if necessary)
Once your details have been entered, the retention value will calculate and be presented in your output documentation (e.g. Certified Progress Claim). You and your project team will now know exactly what is being retained, and your supplier will also be aware of the retained amount once each claim has been authorized for payment. You will no longer need calculators and external spreadsheets, as UniPhi will automatically calculate for you, reducing time and errors!
To keep up to date with what other time saving enhancements we have in store for you, follow us on LinkedIn