Easily Replace Required Fields to the Performance Contract

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How to Replace Required Fields to the Performance Contract

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welcome everyone this is jody king with the alaska ptac i want to welcome everyone to our webinar today were going to talk about managing contract changes and before i get started i just want to go over the go to webinar panel pull a few things to your attention i one i want to encourage questions because it looks like its going to be a pretty small group of us today and we want to have that discussion as much as possible so theres two different ways you can ask questions uh one you can enter the question clicking on the questions section in the go to webinar panel or you can simply click the raise hand feature i can unmute you from this side and then you can unmute yourself and go ahead and ask those questions the next thing id like to pull attention to is the handout section of the webinar i have uploaded a copy of the slides so we can see that there managing contract changes if for any reason you are unable to download that document feel free just to email me you can always repl

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How do you improve contract performance?

5 Ideas on How to Improve the Contract Management Process Review your current contract management process cycle and set goals. Develop a procedure to map out your contracting process. Use contract templates with standardized language. Automate manual processes.

What are the elements of a change order?

Change orders typically consist of three parts: the project information, the changes to the contract, and the change in cost and time for performance. Project information includes the project name and the owners and contractors information.

What are the three categories of change orders?

These are Time and Material, Lump Sum, Zero Cost, and Unitary Cost change orders. Lump Sum. A lump sum change order is used when the defined change in the work scope is quantifiable, and a definite price developed. Zero Cost. This is similar to a lump sum change order. Time and Material (TM) Unitary Cost.

What is necessary for a performance based contract?

The key elements of a PBSC PWS are: a statement of the required services in terms of output; a measurable performance standard for the output; and an AQL or allowable error rate.

How do you complete a change order?

6 things every change order should include Project and contact information. Dates of the change. Details of the work. Updated schedule. Cost of the change. Updated contract value. Match the payment application. Get it in writing and save it.

What is the proper step for a change order on a project?

Mastering the Change Order Process in Construction Start With the Contract. Review Plans and Specifications. Dont Ignore or Delay Change Orders. Communicate With All Parties Involved. Negotiating the Change Order. Document Everything.

How do you account for contract modifications?

A contract modification that only affects the transaction price is either accounted for prospectively or on a cumulative catch-up basis. It is accounted for prospectively if the remaining goods or services are distinct. There is a cumulative catch-up if the remaining goods or services are not distinct.

What three things must agreed upon for a change order?

Change orders typically consist of three parts: the project information, the changes to the contract, and the change in cost and time for performance. Project information includes the project name and the owners and contractors information.

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