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Choose How to Calculate Payment Due Dates

Head Contractors can now use a standalone setting, the Payment Due Date (PDD), to calculate when Subcontractors should receive payments. Head Contractors can choose to calculate dates based on claim submission dates or on time from the end of the claims period.

Payment Due Dates can be generally selected for a project and customised for individual contracts. This allows, for example, 30 day payment terms to be the default for subcontractors, but a subset to be on 14 day terms.

Highlights

• Select from a variety of triggers for a Payment Due Date:
  • Period Due Date
  • Period End Date
  • First of Month after Period End Date
  • Progress Claim Submitted Date
  • Owner Funding Date.
• Set a Grace Period for the Payment Due Date, within which the Subcontractor should be paid
• Change the Payment Due Date on individual subcontracts

  Note: Custom Payment Due Dates on a contract replace the general PDD settings selected for a project.

• View Payment Due Date information on the Authorise Payment, Subcontract Status, and Manage Period Payments screens

For more information, see the Configuring Owner Funding Settings and Calculating Payment Due Dates help topics.

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Last Published Wednesday, August 7, 2024