Changing Discount on an Existing Contract

To change discount on an existing contract:

Note: Discount terms cannot be added to an existing contract.

  1. Access the Edit Contract dialogue box from the Subcontract List page or the Contract Maintenance page.
    1. From the Subcontract List page, select the Action icon and select Edit Settings.
  2. From the Contract Maintenance page, select Edit Settings button.
  3. Enter the discount rate.
  4. Disburse a discounted Payment.

    Before payment is disbursed, the Manage Payments page automatically deducts the discount if the payment application is within the terms.

    • The Manage Payments page will display the discount amount in a Discount column.
    • There is no discount on tax.
      For example: If the payment application amount after retention = £1,000; the Tax = £130; and a 2% discount is in effect for a Discount = £20 (2% * 1,000), then the Payment = £1,110 (£1,000 – £20 + £130).
  5. Save changes.