Greater Contractual Control Through a Streamlined Module
It goes without saying that cost management is one of the most important aspects of a construction project. Even the slightest oversight or mistimed payment can have a notable impact on your project workflow and cause disruptions later in the build.
The solution for project managers is our Contracts Administration module. This construction contract management platform streamlines the process and helps users manage multiple contracts in real-time. Key features include the ability to create budgets with accurate estimates, manage any variations, break down costs, automatically generate payment schedules and more.
By organising payments with intelligent procedures, managers can ensure stakeholders are paid promptly. Moreover, a complete history of audits is recorded within the module so construction managers can identify and remedy budget discrepancies.
Structure Project Budgets for Easy Approval
Every building and construction project is unique and that means your invoice management systems need to be flexible as well. With our Contracts Administration module, you can tailor your financial metrics and payments to suit your needs. Use it to create accurate budgets that account for issue updates and add contracts against line items.
Once created, each line item can be broken down into multiple subcategories so you can track exactly where every dollar is spent. Additional securities such as retentions can also be added for greater operational control.
Manage Variations, Claims and Payments
Construction contract administration needs to be flexible and accurate to support fast decision making. iTWO cx allows construction managers to visualise the real-time implication of approved and unapproved variations on a budget, which helps greatly in managing risk.
As for contractors working on a project, claims can be entered directly into the Contracts Administration module to automatically generate payment schedules. After submissions are made, budgets will be immediately updated to show the changes.
By streamlining several of the common issues that hold up payment, managers can confidently accelerate contract processes to ensure all stakeholders are paid as quickly as possible.
Access a Complete History of Audits
Payment disputes can negatively impact projects in multiple ways. With iTWO cx’s construction contract management software, you can access a complete history of audits to quickly resolve issues.
Using our cloud-based system, all budgets are backed up for posterity. Every line item associated with your budget carries a complete audit history. This allows all cost management activities including progress claims, variations, payment receipts and cash transfers to be retrieved at a later date. This guarantees peace of mind for construction managers looking to identify and remedy budget discrepancies.