How to Extend the Contract Price & Completion Date on FastDraft

This article is a guide to extending the Contract Price & Completion Date on FastDraft. 

This guide contains the following:

• Introduction
• Compensation Events
  • Compensation Event Quotes
  • Compensation Event Quote Assessments
• Other Assessments (exc. CE's)
• Submissions with Quote

Introduction

There are a number of ways that the Contract Price & Completion Date can be impacted on FastDraft. Below is a guide to the workflows that you can use, if and when appropriate according to your contract, to impact the Price & Completion Date. 

Note: FastDraft works in Calendar days, not Working days, so please enter your time impacts accordingly, taking into account weekends and holidays.

Compensation Events

For most contract types, the predominant way to extend the Contract Price & Completion Date on FastDraft is through Implemented Compensation Events. This includes CE's where the quote is Accepted by the PM party, or CEs that have been Assessed by the PM party. 

Note: If you are using a Term Service Contract (TSC), the Current Completion Date cannot be updated via the CE workflow.

Compensation Event Quotes

When the Contractor raises a CE Quote they will have the option to state the Effect on the Completion Date and Contract Price.

If the Contractor's quote states that there Is an effect to the Accepted Programme and we are unable to mitigate it, and/or includes a Change to the Prices, and the PM accepts this quote, the Contract Price & Completion Date will be impacted.

• See here for more information on raising and accepting a CE Quote.

Compensation Event Quote Assessments

In certain circumstances the PM may wish to make their own assessment of a Compensation Event. Using the Project Manager Assessments workflow, the PM can state the delay to Planned Completion and Contract Price impact; this will update the Contract Price & Completion Date.

• See here for more information on making a Project Manager's CE Assessment.

Other Assessments (exc. CE's)

In some cases the contract requires the PM to make an Assessment that is not related to a Compensation Event - for example, clause X1 for Inflation.

There is a standalone workflow whereby the PM can make this assessment, and in doing so they can update the Contract Price & Completion Date by ticking Effect contract completion and entering the number of days, and/or ticking Effect contract price and entering the amount. 

• See here for more information on making a Project Manager's Assessment (exc. CE's).

Submissions with Quote

The Submissions with Quote workflow can be used by a Contractor to submit quotes that are unrelated to Compensation Events, for example a quotation for acceleration (36.1).

If the quote raised by the Contractor states a Delay to planned Completion and/or includes a Change to the Prices, and the PM subsequently accepts this quote, the Contract Price & Completion Date will be updated.

• See here for more information on raising and accepting a Submission with Quote.