Contract Payees

Payee Number

Enter the address book number of the payee if it is different as the contracting entity. You can enter multiple payees if the contract amount is to be distributed among multiple contract payees. If the amount is to be distributed between the contracting entity and another payee, enter each as a contract payee.

Pymt Terms (payment terms)

Enter the code that specifies the terms of payment for the contract payee.

After you assign a payment term code to the contract payee, the system displays the payment schedule for the payee for your review. The payment schedule shows the due date rules for the payment term. You cannot change the payment schedule on the Add Contract Header form, Payment Schedule tab. Instead, you must use the Advanced Payment Terms or Due Date Rule Revisions program.

Distribution Percent

Enter the percentage of the payment that the payee should receive. The total distribution percent must equal 100, regardless of whether you are paying one or multiple payees.

Assigned

Select this check box of indicate payment issued to an alternate payee, such as a bank, instead of the payee. If you select this check box, you must assign an alternate payee.

Interest

Select this check box if this payee should receive interest on past due amounts. This check box is informational only.

Broker

Select this check box if the payee is a broker. This check box is informational only.

Alternate Payee

Enter the address book number of the person or entity that is to receive payment on behalf of the payee. If you enter a value in this field, you must also select the Assigned check box. An alternate payee is typically a bank or other financial institution.