How to Use the Amounts Register

This article is a guide on how to add use the Amounts register in FastDraft. 

This guide contains the following:

• The Amounts Register
• Contract Price - Introduction
• How to amend the Contract Price
• Other Prices - Introduction
• How to add/edit Other Prices

Related Articles:

• How to Extend the Contract Price & Completion Date on FastDraft
• Payments and Secondary Prices

Note: FastDraft does not perform any foreign exchange calculations so secondary prices are not compatible with FastDraft's Financial Limits feature. 

The Amounts Register

The Amounts register is where you can add, manage and monitor your contract Prices.

To find the Amounts register, use the left-hand navigation panel, and under Contract click on Amounts.

Contract Price - Introduction

The contract Price can no longer be edited in the contract overview once a contract has been created, and if you need to amend it you must do so from the Amounts register.

Note: once a quote has been implemented on your contract you will no longer be able to edit the contract Price. Some examples of an implemented quote are:

• A Compensation Event quote being accepted or assessed by the PM
• A Proposed Instruction quote being accepted
• A Submission with Quote being accepted
• A PM Other Assessment being communicated

If any of the above have been raised but have not made any price impact (i.e. £0 value figure) you will still be able to edit the contract Price.

How to amend the Contract Price

To amend an existing contract Price, select the pencil icon to the right of the register:

Update the Price as needed:

It is not possible to change the name, price or currency of the Price.

Other Prices - Introduction

Occasionally a contract may have prices in multiple currencies. In that case, the contract may make provision for conversion to the currency of the contract (e.g. NEC3/4 ECC Option X3). However, it's possible a contract may require payment in multiple currencies without conversion.

The following types of Prices can be added:

• FIDIC -
  • Fixed price
  • Remeasurement with bill of quantities
• JCT -
  • Cost reimbursable
  • Fixed price
  • Lump sum with quantities
  • Lump sum without quantities
  • Measured Term based on a priced schedule of rates
  • Priced with schedule of rates
  • Priced with schedule of hourly charges
  • Tender price with approximate quantities
• NEC -
  • Option A: Priced with activity schedule
  • Option B: Priced with bill of quantities
  • Option C: Target with activity schedule
  • Option D: Target with bill of quantities
  • Option E: Cost reimbursable
  • Option F: Management
  • Option G: Term
• Other -
  • Fixed Price
  • Reimbursable
  • Target cost

How to add/edit Other Prices

In the Amounts register, click Add New Amount

Enter the following:

• Name (description)
• Category
• Type
• Currency
• Price

Note: In order to support the accurate tracking of previously certified values in the payment process, it's not possible to create a Secondary Price in the same currency as the main Contract Price and it's not possible to create more than one Secondary Price per currency.