Setup: Contract

You will use the retainage rule that you set up for contract ID 600. The following values exist for the contract on the Contract Amounts tab for the Edit Funding Level form:

• In the Awarded Amounts section, the current and total amounts are:

  • Cost is 300,000.

  • Fee is 30,000.

  • Award fee is 30,000.

  • Total is 360,000.

• In the Funded Amounts section, the current and total amounts are:

  • Cost is 200,000.

  • Fee is 20,000.

  • Award fee is 20,000.

  • Total is 240,000.

Based on this retainage rule and the amounts in the contract, the system will not calculate retainage until you have invoiced 85 percent of the total of the funded cost limit amount and the funded award fee limit amount. Therefore, the system will not calculate retainage until you have invoiced for 89,250.00 USD ((100,000 + 5,000) x .85).