Contract Management

The contract fees and penalties are used to incentivize the contractor. The terms and conditions can be agreed upon with the contractor as part of the contract. You can define fees and penalties for all the contract types. The invoicing method is defaulted from the contract line data. However, you can change the invoicing method.

Fees and penalties are defined as part of the contract line data and must be linked to the revenue code. You can define a period of validity for a fee line. You can add multiple fee and penalty lines to a contract line.

You can close the project or the contract even though the fee amount and the invoice amount are not same because the invoiced amount can be lower than the fee amount or even zero (not earned by the contractor because of lack of performance).

Infor LN considers the fees and penalties to calculate revenues. Infor LN only considers the fee type Fixed Fee for revenue recognition.

You can close the project or contract even if the fee amount and the invoice amount are not same because the invoiced amount can be lower than the fee amount.

You can view the history data of the project cost peg that displays the modifications done to the peg data of the orders. You can also print the project cost peg audit history data.

Progress payments requests are generated for the costs incurred when working on a contract with the business partner.. Progress payment invoices are sent to the customer based on an agreed billing cycle and settled using the installment or delivery based invoices. The progress payment request process is used to create a US specific Standard Form1443 invoice.

You can define the progress payment data using the values of the Progress Payment % and Progress Liquidation % fields for the contract. You can also specify the Invoicing Method and Payment Terms to calculate the discount amount, period, and date for the invoices.