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Change Events in Client  Contract

Once a Client Contract is updated and 'Posted' by the General Contractor (GC), a corresponding 'Change Event Item' is automatically generated in the  Finance → Client Contracts → 'Change Event' tab

Header Information:

a) No. of Change Events: Displays the total number of times the contract has been updated for Change Events.

b) Total Change Event Amount: Shows the consolidated monetary value for all the Change Events associated with the Client Contract.

Change Event Grid Details:

The grid in the Change Events tab presents essential details related to each Change Event, facilitating easy navigation and reference.

Grid Columns:

a) Name: Indicates the name of the Change Event for easy identification.

b) Change Event ID: Provides a unique identification code for each Change Event, aiding in efficient management and tracking.

c) Original Amount: Reflects the original amount at the time of the initial Contract posting, serving as a reference point for comparison.

d) Change Event Amount: Specifies the new Change Event Amount approved by the client, enabling clear insight into the adjustments made.

e) Revised Amount: Represents the cumulative value obtained by adding the Original Amount and the Change Event Amount, offering a comprehensive overview of the financial implications.

f) Date: Indicates the date when the Change Event Billing Schedule was updated and 'Posted', enabling precise tracking of timelines and modifications.

As the Billing Schedule updates reach completion, the Change Event status transitions from 'Authorized - Update Contracts' to 'Active' for both the General Contractor and the Client.