Applying Contract Discount Terms
To enter the discount percentage and establish terms.
- Access the Edit Contract dialogue box from the Subcontract List page or the Contract Maintenance page.
- From the Subcontract List page, select the Action icon and select Edit Settings.
- From the Contract Maintenance page, select Edit Settings button.
- Select the Rate Type.
- Fixed Rate—Discount terms are locked when the contract is accepted by a Subcontractor with this rate type.
- Variable Rate—Main Contractors can change the discount terms on contracts with this rate type.
Note: A Variable Rate is often used with Contractor-Controlled Insurance Programs (CCIP).
- Select the Terms.
- Enter the discount rate (%).
- Enter the number of days prior to the trigger date the subcontractor must bill to receive a discount.
- Choose the trigger date (the event that triggers the discount)
- Invoice Date
- Beginning of Next Month.
For example: 5/10 net 30 would be entered as a Cash discount of 5% applies if paid within 10 days from Invoice Date.
Note: Discount rates and terms are editable until the contract is confirmed by the Subcontractor.
- Select the Save button.
Subcontractors accept the discount terms when they confirm their contracts on the system.
- Once Subcontractors confirm their contracts, the discount terms will be locked.
- Discounted contracts do not affect usage fees paid by the Subcontractor.
Last Published Wednesday, July 10, 2024